Goodyear (GT) reports earnings tomorrow: what to expect

Global tire manufacturer Goodyear (NASDAQ:GT) will be announcing earnings results this Wednesday afternoon. Here’s what to look for.

Goodyear beat analysts’ revenue expectations last quarter, reporting revenues of $4.25 billion, down 4.8% year on year. It was a satisfactory quarter for the company, with a beat of analysts’ EPS estimates.

Is Goodyear a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting Goodyear’s revenue to decline 3.8% year on year, in line with the 3.7% decrease it recorded in the same quarter last year.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Goodyear has missed Wall Street’s revenue estimates multiple times over the last two years.

Looking at Goodyear’s peers in the automobile manufacturing segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Rivian delivered year-on-year revenue growth of 38.3%, beating analysts’ expectations by 4.8%, and Mobileye reported a revenue decline of 2.4%, topping estimates by 3.2%. Rivian traded up 5% following the results while Mobileye was down 15%.

Read our full analysis of Rivian’s results here and Mobileye’s results here.

Investors in the automobile manufacturing segment have had steady hands going into earnings, with share prices flat over the last month. Goodyear is down 4.5% during the same time and is heading into earnings with an average analyst price target of $6.43 (compared to the current share price of $4.47).

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