Goodyear posts 3Q profit, revenue up 22 percent
CLEVELAND (AP) — The Goodyear Tire & Rubber Co. posted a profit for the third quarter on a 22 percent rise in revenue as it pursued its strategy of promoting high-end tires.
The Akron, Ohio-based company, the biggest U.S. tire maker and third largest globally, said its sales were the best for any quarter in its history.
Its shares climbed almost 10 percent to $15.69 in premarket trading.
Goodyear said Friday that its net income rose to $161 million, or 60 cents per share, in the three months ended Sept. 30. It lost $20 million, or 8 cents a share, in the same quarter a year ago.
Excluding one-time items, the company earned 72 cents per share, beating the Wall Street forecast of 23 cents.
It says revenue rose to $6.1 billion. Analysts expected $6.26 billion.