Goodyear Tire Plunges Despite Upbeat Results

(RTTNews) - Shares of The Goodyear Tire & Rubber Company (GT) are falling more than 22% Friday morning despite upbeat fourth-quarter results.

However, Richard J. Kramer, chairman, chief executive officer and president of the company said, "Looking ahead, we expect inflationary pressures to persist over the next several quarters. We remain focused on executing strategies to capture value in the marketplace and managing our costs."

Goodyear's fourth quarter net income was $553 million or $1.93 per share compared with $63 million $0.27 per share a year ago.

Excluding one-time items, earnings were $162 million or $0.57 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.32 per share.

Sales were $5.1 billion in the quarter, up 38% from a year ago. The consensus estimate stood at $4.96 billion.

GT is at $16.93 currently. It has traded in the range of $13.45-$24.89 in the past 52 weeks.