GOODYEAR TIRE & RUBBER CO. $26.56 (Nasdaq symbol GT; TSINetwork Rating: Extra Risk) (330-796-2122; www.goodyear.com; Shares outstanding: 248.1 million; Market cap: $6.6 billion; Dividend yield: 0.8%) has risen almost 9% since we made in our #1 pick for 2014 in the last issue.
The gains came after the company reported strong earnings in the latest quarter. It also announced that it has used its rising profits to add $1.15 billion in cash to its U.S. hourly workers’ defined -benefit pension plan. This plan is now fully funded.
In the quarter ended December 31, 2013, lower North American sales and a stronger U.S. dollar cut Goodyear’s overall sales by 5.0%, to $4.8 billion from $5.0 billion a year earlier.
However, earnings per share climbed sharply, to $0.72 from $0.39. The higher profits came from the company’s North American operations, which sold more replacement tires (they’re more profitable than new factoryinstalled car tires). Goodyear also cut its costs.
The stock trades at just 9.7 times the $2.75 a share the company will likely earn in 2014.
Goodyear Tire & Rubber is our #1 stock pick for 2014
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