NEW YORK (TheStreet) -- Goodyear Tire
(GT) shares were down -7.9% to $24.45 on Wednesday after the company reported a 5% decline in second quarter revenue driven by a drop in tire sales to vehicle makers in North America.
The North American market is the tire company's biggest market and the amount of tires sold fell 4% in the period.
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Total sales in the region fell 8% from the previous year to $489 million.Despite disappointing news on the North American sales front, Goodyear reported earnings of 76 cents per diluted share that were in line with analysts consensus estimates. TheStreet Ratings team rates GOODYEAR TIRE & RUBBER CO as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation: "We rate GOODYEAR TIRE & RUBBER CO (GT) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income." GT data by YCharts
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