Goodyear tops Street 1Q forecasts


AKRON, Ohio (AP) — The Goodyear Tire & Rubber Co. (GT) on Friday reported first-quarter profit of $166 million.

On a per-share basis, the Akron, Ohio-based company said it had profit of 65 cents. Earnings, adjusted for non-recurring costs, came to 74 cents per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.

The tire maker posted revenue of $3.7 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $3.69 billion.

Goodyear shares have increased 15 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased nearly 7 percent. The stock has increased 17 percent in the last 12 months.

_____

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 https://www.zacks.com/ap/GT

_____

Keywords: Goodyear, Earnings Report, Priority Earnings