GOODYEAR TIRE & RUBBER CO. $26.05 (Nasdaq symbol GT; TSINetwork Rating: Extra Risk) (330-796-2122; www.goodyear.com; Shares outstanding: 269.6 million; Market cap: $7.0 billion; Dividend yield: 0.9%) is the world’s largest tire maker, with 52 plants in 22 countries.
In the three months ended December 31, 2014, Goodyear’s sales fell 9.1%, to $4.36 billion from $4.80 billion a year earlier. The rising U.S. dollar hurt the contribution of foreign sales, and Europe experienced one of the warmest winters on record, cutting winter tire demand.
Excluding one-time items, earnings fell 20.6%, to $166.0 million, or $0.59 a share, but that was still ahead of the consensus estimate of $0.58. A year earlier, Goodyear earned $209.0 million, or $0.74 a share.
Even with the weaker quarter, the company has reaffirmed its 2015 targets and expects its earnings to rise 10% to 15% this year. Goodyear’s costs— including for oil, rubber and other raw materials— keep falling, and it now has a favourable labour deal with the United Steelworkers.
Goodyear has also made several moves to enhance shareholder value, including raising its quarterly dividend by 20.0% in September 2014, to $0.06 a share from $0.05. It now yields 0.9%.
The stock trades at just 8.3 times the $3.15 a share the company is forecast to earn in 2015.
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