The Goodyear Tire & Rubber Company GT recently launched its latest pilot program, in collaboration with Redspher, a transport and logistics group operating in Europe. Goodyear Tire will supply its embedded sensors equipped, intelligent tires via Redspher, to a range of fleets, which are connected to Rubiwin, Redspher’s shared services platform.
The initial pilots, launched under this program, consist of outfitting delivery and service vans with intelligent tires. It also creates the ability to "fast-capture" pertinent data owing to the high-mileage use of the vehicles.
Continuous monitoring, recorded wear rate and tire pressure, combined with other vehicle data, are anticipated to benefit the fleets. In addition, the data captured is linked to the proprietary algorithms of Goodyear Tire to strengthen fleet operations and foresee when tires need service or replacement, enabling the company to operate smoothly.
In the past three months, Goodyear Tire has appreciated 28.7% compared with the industry’s 24.3% growth.
Goodyear Tire regularly rolls out innovative products and services to boost sales and remain competitive in the market. The company is working on an intelligent tire prototype that will facilitate fleet operators to communicate in real-time via a mobile application. Goodyear has successfully launched the Roll retail pilot and continues to expand the Mobile Tire Shop network.
In third-quarter 2019, the company registered revenues of $1.2 billion in the Europe, Middle East and Africa (EMEA) segment, down 6.59% year over year. The segment’s operating income plunged 40.5% to $66 million.
Zacks Rank and Stocks to Consider
Currently, Goodyear Tire carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Auto-Tires-Trucks sector are BRP Inc. DOOO, Spartan Motors, Inc. SPAR and SPX Corporation SPXC. While BRP flaunts a Zacks Rank #1 (Strong Buy), Spartan Motors and SPX carry a Zacks Rank #2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
BRP has a projected earnings growth rate of 20.17% for the current year. Its shares have gained 60.3% over the past year.
Spartan Motors has an estimated earnings growth rate of 85.42% for the ongoing year. The company’s shares have surged 130.6% in a year’s time.
SPX has an expected earnings growth rate of 23.18% for 2019. The stock has appreciated 75.2% in the past year.
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