News

Goodyear beats 1Q profit forecasts

AKRON, Ohio – AKRON, Ohio (AP) _ The Goodyear Tire & Rubber Co. (GT) on Wednesday reported first-quarter net income of $184 million.

On a per-share basis, the Akron, Ohio-based company said it had profit of 68 cents. Earnings, adjusted for non-recurring costs, came to 72 cents per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.

The tire maker posted revenue of $3.69 billion in the period.

Goodyear shares have climbed slightly since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 2 per cent. The stock has risen 19 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GT at http://www.zacks.com/ap/GT

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Keywords: Goodyear, Earnings Report, Priority Earnings