Goodyear Tire & Rubber Company ( NASDAQ: GT ) stock drove higher on Friday after the company beat earnings estimates despite elevated inflationary and supply chain pressures.
Shares of the Akron, Ohio-based tire manufacturer ticked 5.81% higher in premarket hours after notching $0.46 in EPS alongside a 30.9% jump in revenue from 2021 to $5.21B. Analysts had anticipated $0.35 and $4.98B, respectively.
“Our second quarter and first half sales were the highest in a decade, reflecting the recent addition of Cooper Tire, the benefit of strong pricing actions across many of our key markets, and volume growth," CEO Richard J. Kramer said. "With the increase in our top line, we continued to grow earnings despite elevated inflation and COVID-related disruptions in China."
The company credited the integration of Cooper Tire and price increases that have contended with increased commodity costs as tire unit volumes jumped 21% to 45.6M. Specifically, a series of price increases overcame raw materials costs by more than $140M, according to the company.
Read more on price hikes across the tire industry in 2022 .
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Goodyear Tire stock gains as pricing power outpaces inflation