Shares of tires and associated products maker The Goodyear Tire & Rubber Company (NASDAQ:GT) are sliding today on concerns about increasing costs, inflation, disappointing quarterly numbers and declining volumes.
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For the third-quarter, revenue increased 7.7% year-over-year to $5.31 billion but missed the mark by $30 million. EPS at $0.40 too, lagged expectations by $0.15.
Without impact from currency gyrations, the company would have seen a 15% increase in its top line. Additionally, rising costs were only offset by a 16% pricing action.
On the other hand, tire volumes dropped by 3% year-over-year and GT expects 2023 to be challenging. In H1 2023, cost increase is expected between $300 million and $400 million.
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