AKRON, Ohio (AP) _ The Goodyear Tire & Rubber Co. (GT) on Friday reported third-quarter net income of $88 million.
On a per-share basis, the Akron, Ohio-based company said it had profit of 38 cents. Earnings, adjusted for non-recurring costs, were 45 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The tire maker posted revenue of $3.8 billion in the period.
Goodyear shares have decreased 26% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 20%. The stock has dropped 24% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GT at https://www.zacks.com/ap/GT
The Associated Press