Shares of Goodyear Tire & Rubber Co (NASDAQ:GT) ended Thursday session in red amid volatile trading. The shares closed down -0.15 points or -0.51% at $29.20 with 3.28 million shares getting traded. Post opening the session at $29.36, the shares hit an intraday low of $29.01 and an intraday high of $29.72 and the price vacillated in this range throughout the day. The company has a market cap of $7.74 billion and the numbers of outstanding shares have been calculated to be 262.00 million shares.
Goodyear Tire & Rubber Co (GT) on July 27, 2016 reported results for the second quarter and first half of 2016.
“We delivered higher volumes and solid earnings in the quarter, achieving operating margins above 11 percent in all three business units,” said Richard J. Kramer, chairman and chief executive officer. “Industry fundamentals remain favorable across many of our key markets and demand for our premium, high-value-added tires is strong. Our focus remains on the disciplined execution of our strategy and delivering on our financial targets.”
Goodyear’s second quarter 2016 sales were $3.9 billion, down from $4.2 billion a year ago, with the decrease largely attributable to the deconsolidation of the company’s subsidiary in Venezuela, the sale of the North American motorcycle tire business and unfavorable currency translation.
Tire unit volumes totaled 41.5 million, up 2 percent from 2015, driven by growth in the Asia Pacific and Europe, Middle East and Africa regions. Replacement tire shipments were up 4 percent. Original equipment unit volume was down 4 percent.
Goodyear’s second quarter 2016 net income was $202 million (75 cents per share), up from $192 million (70 cents per share) in the year-ago quarter. The improvement was primarily due to a decrease in income tax expense. Excluding certain significant items, second quarter 2016 adjusted net income was $314 million ($1.16 per share), up from $229 million (84 cents per share) in 2015. Per share amounts are diluted.
Shares of Foot Locker, Inc. (NYSE:FL) ended Thursday session in red amid volatile trading. The shares closed down -0.11 points or -0.17% at $65.53 with 1.03 million shares getting traded. Post opening the session at $65.80, the shares hit an intraday low of $65.03 and an intraday high of $65.80 and the price vacillated in this range throughout the day. The company has a market cap of $8.87 billion and the numbers of outstanding shares have been calculated to be 135.99 million shares.
Foot Locker is part of Foot Locker, Inc., a specialty athletic retailer that operates more than 3,400 stores in 23 countries in North America, Europe, Australia, and New Zealand. Through its Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker, Champs Sports, SIX:02, Runners Point, and Sidestep retail stores, as well as its direct-to-customer channels, including footlocker.com, Eastbay.com and SIX02.com, the Company is a leading provider of athletic footwear and apparel.