AKRON, Ohio (AP) — Goodyear’s first-quarter results managed to beat analysts’expectations, even as the tire maker dealt with rising raw material costs and softer demand.
For the three months ended March 31, Goodyear Tire & Rubber Co. earned $166 million, or 65 cents per share. That compares with $184 million, or 68 cents per share, a year earlier.
Earnings, adjusted for one-time costs, came to 74 cents per share. That easily topped the 63 cents per share that analysts surveyed by Zacks Investment Research predicted.
Revenue for the Akron, Ohio-based company was nearly flat at $3.7 billion. Analysts expected $3.69 billion in revenue, according to Zacks.
Shares added 55 cents to $36 in Friday morning trading.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GT at https://www.zacks.com/ap/GT
Keywords: Goodyear, Earnings Report, Priority Earnings