GOODYEAR TIRE & RUBBER CO. $32.49 (Nasdaq symbol GT; TSINetwork Rating: Extra Risk) (330-796-2122; www.goodyear.com; Shares outstanding: 269.4 million; Market cap: $8.8 billion; Dividend yield: 0.9%) is the world’s largest tire maker, with 50 plants in 22 countries.
In the three months ended June 30, 2015, Goodyear’s revenue fell 10.4%, to $4.17 billion from $4.66 billion a year earlier. The rising U.S. dollar lowered the value of the company’s foreign sales (particularly in Europe and Brazil) by $401 million. Earnings rose 1.8%, to $229.0 million, or $0.84 a share, from $225.0 million, or $0.80 a share.
Goodyear will likely report profits of $3.10 a share this year, and it trades at just 10.5 times that estimate. Earnings should jump 21%, to $3.75, in 2016, and the stock trades at only 8.7 times that forecast.
The gains will come from lower costs, including for oil, rubber and other raw materials, and the company’s leading share in the fastgrowing market for high-end replacement tires. These cost more than basic models but provide better performance, safety and fuel economy.
North America is the largest market for these tires, and Goodyear is building a $550-million plant in central Mexico to support rising demand. The facility will start up in mid-2017 and will be able to produce up to six million high-performance tires a year. Brands will include the company’s new Kelly Edge tires, as well as Wrangler All- Terrain Adventure and Assurance Fuel Max.
The company also recently launched a popular e-commerce system that lets consumers research, select and pay for tires using a smartphone or tablet. They can then book the installation at a nearby Goodyear dealer.
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