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The Goodyear Tire & Rubber Company (GT) stock rallied today: Here’s Why

The Goodyear Tire & Rubber Company (GT) rallied today rallied in the intraday session today following the release of third-quarter 2021 financial results. GT stock price saw an uptrend of 11.24% to reach $23.86 a share at the time of this writing. The trading volume on the last check was 2,960,57.

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The Goodyear Tire & Rubber Company is operating via the development, manufacturing, and distribution of tires and related products across the globe. GT stock has a current market value of $6.78 billion and a 3,714,136 average trading volume.

Third Quarter 2021 Financial Results:

  • Goodyear recorded $4.9 billion in sales in the third quarter of 2021 which represents a 42% increase over the year.
  • The unit volumes increased by 32% to reach 48.2 million in the third quarter of 2021.
  • The net income of the GT stock reached $132 million as compared to a net loss of $2.0 million in the same tenure of the previous year.
  • Adjusted net income jumped from $24 million in the third quarter of 2020 to $206 million in the third quarter of 2021.
  • Segment operating income increased to $372 million in the reported quarter from $210 million in the same quarter of last year. Merger-adjusted segment operating income of GT stock was $449 million
  • America’s sales were 3.0 billion in the third quarter of 2021 which reflects an increase of 63% from the same period of the previous year. Europe, the Middle East, and Africa’s third quarter 2021 sales were up by 21% over the year.

Year-to-date results of GT stock:

  • For the first nine months of 2021, GT stock generated $12.4 billion in sales which represents a 43% increase from the same tenure of the previous year.
  • The unit volumes increased by 37% from 2020 to reach 120.7 million in the first nine months of 2021.
  • The net income of the GT stock for the first nine months of 2021 was $211 million. This compares to the net loss of $1.3 billion in the same period of the previous year.
  • The segment operating income of GT stock was $897 million in the first nine months of 2021. This represents an increase of $1.2 billion over the year.

Conclusion:

The sentiment is positive for the GT stock after the release of third-quarter 2021 financial results. The positive financial results have attracted the attention of the investors towards the GT stock. The stock has performed well in 2021 as it gained almost 128% year to date.

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