NEW YORK (TheStreet) -- Shares of Goodyear Tire & Rubber (GT) - Get Report were tumbling 11.88% to $27.30 at the start of trading on Friday after the company posted soft revenue for the 2016 third quarter and lowered its guidance.
Before the market open, the Akron, OH-based tire maker reported revenue of $3.85 billion, while analysts surveyed by FactSet were projecting $3.97 billion.
Adjusted earnings of $1.17 per share beat analysts' estimates by one cent.
Goodyear now expects its full-year total operating income to be between $2.000 billion and $2.025 billion vs. its prior view for $2.100 billion to $2.200 billion.
"Our revised 2016 outlook reflects recent volatility impacting our U.S. commercial truck tire business. This near-term headwind will not have an impact on our value proposition or our ability to execute on our long-term plan," CEO Richard Kramer said in a statement.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.
The company's strengths can be seen in multiple areas, such as its increase in net income, attractive valuation levels and growth in earnings per share.
The team believes its strengths outweigh the fact that the company has had generally high debt management risk by most measures that were evaluated.
Recently, 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.
You can view the full analysis from the report here: GT