Goodyear Posts Profit In Q4; Backs 2014-2016 Goals - Quick Facts

(RTTNews) - Tire manufacturer Goodyear Tire & Rubber Co. (GT) reported fourth-quarter 2013 net income available to common shareholders of $228 million, or $0.84 per share, compared with a breakeven in the 2012 quarter. The company said the latest quarter included total charges of $17 million due to rationalizations, asset write-offs and accelerated depreciation; and gains of $41 million due to income and other discrete tax benefits and $2 million from asset sales. All amounts are after taxes and minority interest.

On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.63 for the quarter. Analysts' estimates typically exclude one-time items.

The company clocked net sales of $4.79 billion in the quarter, versus the prior-year figure of $5.045 billion. Six analysts estimated revenues of $4.95 billion for the quarter. Goodyear said its North America business achieved record earnings in all the four quarters of 2013.

Looking ahead, Goodyear confirmed its 2014-2016 financial targets, that include annual segment operating income growth of between 10 percent and 15 percent; annual positive free cash flow from operations, and an adjusted debt to EBITDAP ratio of 2.5x. Additionally, the firm continues to expect about a 2 percent to 3 percent increase in unit volumes for 2014 over 2013.