Goodyear Tire : Beats by $0.01 on lower than expected rev; reaffirms FY16 guidance :
- Reports Q1 (Mar) earnings of $0.72 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.71; revenues fell 8.3% year/year to $3.69 bln vs the $3.92 bln Capital IQ Consensus, largely due to unfavorable foreign currency translation of $141 million and the deconsolidation of the co's subsidiary in Venezuela.
- Tire unit volumes totaled 41.5 million, up 2 percent from 2015, driven by growth in the Asia Pacific region, primarily in Japan and China. Replacement tire shipments were up 2 percent. Original equipment unit volume was up 2 percent. Excluding the impact of the deconsolidation of Venezuela, unit volumes increased 3 percent.
- The company reported record first quarter segment operating income of $419 million in 2016, up from $388 million a year ago. The increase was driven by favorable price/mix net of raw materials and the impact of higher volume. These improvements were partially offset by the deconsolidation of the Venezuelan subsidiary and higher selling, administrative and general expenses. Core segment operating income, which excludes Venezuela, was $366 million in the year-ago quarter.
- Co reaffirmed its 2016 financial targets, which include: Core Segment Operating Income growth of between 10 percent and 15 percent (excludes Venezuela); Positive Free Cash Flow from Operations and An Adjusted Debt to EBITDAP ratio of 2.0x to 2.1x at year-end. Shareholder Return Program
No comments:
Post a Comment