Goodyear swings to profit, tops views
April 29th, 2008
Goodyear Tire & Rubber Co. said it swung to a profit on higher revenue in the first quarter, reversing last year’s loss by focusing on higher-priced tires and international markets.
The biggest U.S.-based tire manufacturer said Friday that it earned $147 million, or 60 cents per share, on sales of $4.94 billion in the three months that ended March 31.
A year earlier, Goodyear lost $174 million, or 96 cents, on sales of $4.5 billion.
Excluding various one-time items, Goodyear (GT, Fortune 500) says it earned 67 cents from continuing operations low rates payday advance. Analysts in a Thomson Financial survey forecast Goodyear would earn 47 cents. Such estimates usually exclude special items.
Filed under: online by Wolf