The Goodyear Tire & Rubber Company GT reported 39.7% decrease in adjusted earnings per share to 70 cents in second-quarter 2017 from $1.16 recorded a year ago. Also, earnings missed the Zacks Consensus Estimate of 72 cents. Adjusted net income declined to $189 million from $195 million in second-quarter 2017.Revenues in the reported quarter were $3.69 billion, missing the Zacks Consensus Estimate of $3.75 billion. Plus, revenues declined from $3.88 billion recorded a year ago.Tire unit volumes were 37.4 million, down 10% from 2016. Replacement tire shipments dropped 11% while original equipment unit volume declined by 8% year over year due to lower volume sales in Europe, Middle East and Africa and Americas.Segment operating income dropped to $361 million in the reported quarter from $531 million a year ago.The Goodyear Tire & Rubber Company Price, Consensus and EPS Surprise The Goodyear Tire & Rubber Company Price, Consensus and EPS Surprise | The Goodyear Tire & Rubber Company QuoteSegment DetailsRevenues at the Americas’ segment declined 3% year over year to $2 billion, primarily due to increased competition. Original equipment unit volume went down 12% year over year. Replacement tire shipments were down 8%.Segment operating income plunged 27% to $213 million due to higher raw material costs and the impact of lower volume, partially offset by an improved price/mix.Revenues from the Europe, Middle East and Africa segment were $1.1 billion, down 12% year over year. Revenues were primarily hurt by 16% decrease in tires volume. Original equipment unit volume was down 11% while replacement tire shipments declined 18% year over year. Segment operating income slashed 48% to $77 million, primarily due to high competition and a declining volume, partially offset by better price/mix and cost savings.Revenues from the Asia-Pacific segment nudged up 3% to $543 million, reflecting an improved pricing of products. Original equipment unit volume inched up 2% while replacement tire shipments dipped 3% year over year. Segment operating income down 21% to $71 million, driven by continued high raw material costs, partly offset by improved product mix.Financial PositionGoodyear had cash and cash equivalents of $903 million as of Jun 30, 2017, down from $1.1 billion as of Dec 31, 2016. Long-term debt and capital leases amounted to $5.4 billion as of Jun 30, 2017, up from $4.8 billion as of Dec 31, 2016.In the first half of fiscal 2017, the company recorded a total cash flow of ($185) million from operating activities, which widened from ($67) million, recorded in the same period a year-ago. Also, capital expenditure for the same period, increased to $497 million from $466 million, recorded a year-ago.Capital DeploymentDuring the reported quarter, Goodyear repurchased 147,000 shares for $5 million under the previously announced $2.1 billion share repurchase program.On Jul 13, the board declared a quarterly dividend of 10 cents payable on Sep 1 to shareholders of record on Aug 1.OutlookGoodyear anticipates operating income for 2017 to be within the range of $1.6-1.65 billion compared with the previous projection of $2 billion.Price PerformanceGoodyear shares have lost 6.3% in the last one month, thereby underperforming the 2.5% decline of the industry it belongs to.Zacks Rank & Key PicksGoodyear currently carries a Zacks Rank #3 (Hold).Some better-ranked companies in the auto space are Allison Transmission Holdings ALSN, Volkswagen AG VLKAY and Daimler AG DDAIF, all stocks sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Allison Transmission has expected long-term growth rate of 11%.Volkswagen has expected growth rate of around 17.3% over the long term.Daimler has expected long-term growth rate of 2.8%.The Hottest Tech Mega-Trend of AllLast year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Daimler AG (DDAIF): Free Stock Analysis Report Volkswagen AG (VLKAY): Free Stock Analysis Report Allison Transmission Holdings, Inc. (ALSN): Free Stock Analysis Report The Goodyear Tire & Rubber Company (GT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research