Before the opening bell, the Akron, OH-based tire maker reported earnings of $1.16 per share, beating analysts' estimates of $1.03 per share.
Revenue for the period was $3.88 billion, lower than analysts' estimates of $3.92 billion.
"We delivered higher volumes and solid earnings in the quarter, achieving operating margins above 11 percent in all three business units," Richard Kramer, Goodyear CEO, said in the announcement. "Industry fundamentals remain favorable across many of our key markets and demand for our premium, high-value-added tires is strong."
Goodyear's sales for the second quarter totaled $3.9 billion, down from $4.2 billion a year ago. The company attributed the sales decline to "the deconsolidation of the company's subsidiary in Venezuela, the sale of the North American motorcycle tire business and unfavorable currency translation."
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate GOODYEAR TIRE & RUBBER CO as a Buy with a ratings score of B. This is driven by a few notable 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. Among the primary strengths of the company is its attractive valuation levels, considering its current price compared to earnings, book value and other measures. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: GT