NEW YORK (TheStreet) --Shares of The Goodyear Tire & Rubber Company (GT) are down -4.46% to $25.95 on Tuesday after the company released its first quarter 2014 earnings, which showed losses in Latin America and Asia.
Overall the company reported a 33.3% rise in earnings to 56 cents per share, compared to 42 cents per share during the same quarter last year.
Goodyear's revenue fell -8.2% year-over-year to $4.5 billion from the $4.9 billion reported during the first quarter 2013.
Sales in Latin America fell -18% to $422 million from $513 million reported during the first quarter 2013.
First quarter operating income in Latin America was down -30% to $42 million in the first quarter 2014 from $60 million in the first quarter 2013.
Sales in Asia decreased -13% to $492 million from $567 million reported during the previous year. Operating income was down -23% to $65 million compared to the $84 million reported in the first quarter 2013.
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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 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. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."