Goodyear Tire misses by $0.04, misses on revs
Reports Q3 (Sep) earnings of $0.62 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.66; revenues fell 5.0% year/year to $5 bln vs the $5.27 bln consensus.
Regional performance: North America's third quarter 2013 sales decreased 9% from last year to $2.2 bln. Sales reflect a $170 mln decline in sales in other tire-related businesses, most notably a decrease in the price and volume of third-party chemical sales. The impact of increased tire unit volumes was more than offset by lower price/mix. Original equipment unit volume was up 5%. Replacement tire shipments were flat. Europe, Middle East and Africa's third quarter sales increased $4 mln from last year to $1.8 bln. Sales reflect a 3% increase in tire unit volume and favorable foreign currency translation of $42 mln, which was partially offset by lower price/mix. Original equipment unit volume was up 11%. Replacement tire shipments were flat. Outlook For the full year of 2013 in North America, Goodyear's industry outlook is unchanged. Expects consumer replacement as well as commercial replacement and commercial original equipment volumes to be at essentially 2012 levels. Expects consumer original equipment volumes to be up approximately 5%. For the full year in Europe, Middle East and Africa, Goodyear's industry outlook is unchanged, except for consumer original equipment. The Co now expects consumer original equipment volumes to be flat to down 5%. Expects consumer replacement to be at essentially 2012 levels. Expects commercial original equipment volumes to be flat to up 5% and commercial replacement to be up about 5%.