Shares of Goodyear Tire & Rubber Co. (GT) gained more than 5 percent in the after-hours trading on Thursday after the company reported a profit in its fourth quarter, compared to prior year's loss, despite weak revenues.
Further, the company reaffirmed expanded Goodyear Forward targets, with significant deleveraging expected in 2025.
Chief Executive Officer and President Mark Stewart said, "We exceeded our full year 2024 Goodyear Forward expectations and raised our targets for 2025, grew earnings and segment operating margins across all business units, and successfully reached agreements to divest non-core assets as part of our comprehensive strategic review. Moving forward, we remain committed to achieving our expanded Goodyear Forward targets, including further margin expansion and meaningful debt reduction."
Regarding Goodyear Forward, a transformation plan to deliver significant margin expansion and others, the company said it now expects to deliver $1.5 billion in annual run-rate benefits driven by cost actions and margin expansion, segment operating margin of 10%, and gross proceeds in excess of $2 billion from portfolio optimization by the end of 2025.
For the quarter, net earnings were $76 million or $0.26 per share, compared to last year's loss of $291 million or $1.02 per share.
Adjusted net income was $114 million or $0.39 per share for the period, compared to $135 million or $0.47 per share in the prior year's quarter.
Revenue dropped to $4.947 billion from $5.116 billion in the same period last year.
Tire unit volumes totaled 43.6 million
On the Nasdaq, Goodyear Tire & Rubber closed Thursday's regular trading at $8.17, down 0.73 percent.
In the extended trading, the shares gained 5.26 percent to $8.60.
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