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Goodyear: 1Q Earnings Snapshot

Last Updated Apr 30, 2020 at 4:50 am PDT

AKRON, Ohio (AP) _ The Goodyear Tire & Rubber Co. (GT) on Thursday reported a loss of $619 million in its first quarter.

On a per-share basis, the Akron, Ohio-based company said it had a loss of $2.65. Losses, adjusted for pretax expenses and asset impairment costs, came to 60 cents per share.

The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 26 cents per share.

The tire maker posted revenue of $3.06 billion in the period.

Goodyear shares have decreased 47% since the beginning of the year, while the Standard & Poor’s 500 index has declined 9%. The stock has dropped 57% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GT at https://www.zacks.com/ap/GT

The Associated Press