Goodyear Tire & Rubber (NASDAQ:GT) reported third-quarter earnings that exceeded analyst projections and raised its goals for an ongoing transformation initiative.
Goodyear posted adjusted earnings per share of $0.37, well above the expected $0.22. Revenue reached $4.82 billion, below the forecasted $4.96 billion. The company reported a net loss of $34 million, or $0.12 per share, a significant improvement from last year’s loss of $89 million, or $0.31 per share.
Segment operating income grew to $347 million, up from $336 million a year earlier, and segment operating margin increased by 70 basis points to 7.2%. CEO Mark Stewart attributed the margin expansion to the effective execution of the Goodyear Forward transformation plan, marking the fourth consecutive quarter of improvement.
Goodyear raised its target for gross run-rate gains from the transformation plan to $1.5 billion by the end of 2025, up from the initial $1.3 billion goal, with expectations of $450 million in benefits in 2024.