Goodyear Tire And Rubber Q1 Adj. Profit Beats Estimates - Quick Facts

(RTTNews) - Goodyear Tire and Rubber Co. (GT) Wednesday reported a sharp fall in first quarter net profit to $75 million from $166 million in the prior year. On a per share basis, earnings were $0.31, down from $0.65 last year. On an adjusted basis, earnings were $122 million or $0.50 per share.

On average, 8 analysts polled by Thomson Reuters expected the company to earn $0.46 per share. Analysts estimates usually exclude special items.

Net sales for the quarter climbed to $3.830 billion from $3.699 billion last year. Wall Street analysts expected the company to report revenues of $3.82 billion.

Looking ahead, the company reaffirmed its operating income guidance range of $1.8 billion to $1.9 billion, excluding the TireHub transition, and confirmed its 2020 segment operating income target range of $2.0 billion to $2.4 billion.

Further, the company said its Board declared a quarterly dividend of 14 cents per share payable June 1, to shareholders on record May 1, 2018.