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Goodyear Tire & Rubber Co after Monday's close announced third-quarter 2023 adjusted earnings per share (EPS) of $0.36, topping the analyst consensus forecast of $0.18, according to Zacks Equity Research.  Its revenue for the period, meanwhile, decreased 3.2% to $5.14 billion, falling just short of the $5.16 billion expected by Wall Street, which the company attributed to commercial truck industry weakness and lower other-tire related sales.

AKRON, Ohio , Oct. 30, 2023 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) will report third quarter 2023 financial results after market close on Monday, Nov. 6, followed by an investor conference call at 8:30 a.m. EST on Tuesday, Nov. 7.

Soybeans add $124 billion to the U.S. economy, but the U.S. lost soy market dominance to Brazil in 2018 due to reliance on a single export custome: China.

Goodyear Tire & Rubber Co. GT, +0.25% said Thursday that a fire at a factory in Poland will impact its sales in Europe, the Middle East and Africa by $20 million to $25 million in the third quarter and $10 million to $15 million in the fourth quarter. An Aug. 20 fire in the Debica, Poland, factory “significantly” damaged a portion of the tire-curing area and caused the temporary shutdown of the tire-making factory.

Goodyear Tire & Rubber said on Friday it plans to cut 700 jobs and sell about 100 retail stores and fleet locations, under a rationalization plan for its Asia Pacific segment.

Shares of Goodyear Tire & Rubber Co. GT, +0.08% rose 1.5% in the extended session Friday after the tire company said it has embarked on a “rationalization plan and workforce reorganization” in Europe, Middle East and Africa aimed at improving its cost structure. “This restructuring is a part of a broader set of actions the company expects to take in order to fundamentally streamline its business, improve its competitive position and drive growth,” Goodyear said in a statement.

Goodyear (GT) misses second-quarter 2023 earnings due to lower volume and the adverse impacts of foreign exchange. The company expects raw material costs to rise $25 million in fiscal 2023.

Goodyear fell to an unexpected loss in the quarter due to a range of macro and company-specific factors. The company should enjoy better year-over-year comparisons in the quarters to come, but demand remains a question.

Although the revenue and EPS for Goodyear (GT) give a sense of how its business performed in the quarter ended June 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Goodyear (GT) came out with a quarterly loss of $0.34 per share versus the Zacks Consensus Estimate of $0.15. This compares to earnings of $0.46 per share a year ago.