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Goodyear 3Q earnings up 51 percent

October 29. 2013 9:39AM
Associated Press

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(AP) Goodyear Tire & Rubber Co. says its third-quarter profit rose 51 percent on strong performances in Latin America and North America.

The Akron-based tire maker said Tuesday that it earned $166 million, or 62 cents per share, for the July-September period.

Excluding charges, Goodyear earned 68 cents per share, beating the Wall Street estimate by 1 cent.

Revenue fell 6 percent, to $5 billion from $5.26 billion. Analysts polled by FactSet expected higher sales of $5.27 billion.

Goodyear sold more tires in North America and was aided by a shift in Latin America to higher-value replacement tires.

Goodyear shares dropped 73 cents, or 3.3 percent, to $21.32 in premarket trading. The stock has gained 60 percent this year.

Associated Press

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