GOODYEAR TIRE & RUBBER CO. $13.85 (Nasdaq symbol GT; TSINetwork Rating: Extra Risk) (330-796-2122; www.goodyear.com; Shares outstanding: 245.0 million; Market cap: $3.4 billion; No dividends paid) is the world’s largest tire maker, with 53 plants in 22 countries.
In the three months ended September 30, 2012, the weak global economy pushed down the company’s sales by 13.2%, to $5.26 billion from $6.06 billion a year earlier.
North American sales fell 6.0%, to $2.40 billion from $2.56 billion. Sales also declined by 20.1% in Latin America; 21.5% in Europe, the Middle East and Africa; and 5.7% in Asia. Unfavourable foreign currency moves also lowered Goodyear’s revenue.
Earnings fell 31.7%, to $110.0 million, or $0.45 a share, from $161.0 million, or $0.66 a share.
Sales of 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 Goodyear’s sales volumes, likely as soon as this year.
The company has moved its stock listing to Nasdaq from the New York exchange. This move cuts Goodyear’s listing expenses. As well, it likely includes incentives from the Nasdaq exchange that will enhance the stock’s visibility.
The stock trades at just 5.9 times the $2.35 a share that the company will likely earn this year.
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