GT - Why Investors Were Throwing Goodyear Stock Into Reverse This Week
2024-02-15 23:41:56 ET
That squealing of brakes you heard on the stock market this week was the nearly double-digit skid of Goodyear Tire & Rubber 's (NASDAQ: GT) shares. According to data from S&P Global Market Intelligence , they were down almost 9% week to date as of Thursday night. An uninspiring quarterly earnings report and subsequent analyst price target trims had much to do with that.
After market hours on Monday, Goodyear published the figures from its final quarter of 2023, in addition to those for the full year.
For the quarter, it took in slightly over $5.1 billion in net sales, which was down from the almost $5.4 billion it reported for the same period of 2022. On the other hand, non- GAAP (adjusted) net income rose sharply to $135 million, or $0.47 per share, from the previous fourth quarter's profit of $20 million.
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Why Investors Were Throwing Goodyear Stock Into Reverse This Week