GOODYEAR TIRE & RUBBER CO. $12.02 (Nasdaq symbol GT; TSINetwork Rating: Extra Risk) (330-796-2122; www.goodyear.com; Shares outstanding: 245.5 million; Market cap: $3.0 billion; No dividends paid) is the world’s largest tire maker, with 52 plants in 22 countries.
In the quarter ended December 31, 2012, the weak global economy lowered Goodyear’s sales by 11.2%, to $5.05 billion from $5.68 billion a year earlier.
North American sales fell 10.4%, to $2.31 billion from $2.58 billion. As well, sales declined by 9.2% in Latin America; 16.2% in Europe, the Middle East and Africa; and 0.5% in Asia. Unfavourable foreign currency moves also lowered Goodyear’s revenue.
Excluding one-time items, earnings per share rose sharply, to $0.39 from $0.03. That was much higher than the consensus estimate of $0.20.
Replacement tire demand set to surge
Goodyear expects its results to improve in North America, Latin America and Asia this year. But Europe continues to weaken, so the company will aim to cut its costs by merging offices on the continent. It will also close the Amiens North plant in France, which makes consumer and farm tires.
Sales of the company’s highly profitable replacement tires have lagged, but the average age and mileage of vehicles on the roads has risen. That adds up to a lot of pent-up demand for replacement tires, which should push up sales volumes as early as this year.
The stock trades at just 5.1 times the $2.35 a share that the company will likely earn in 2013.
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