OT OT:
Goodyear Tire: This is why you should take a look at GT.
Goodyear Profit More Than Doubles
Apr 12 5:26pm ET
AKRON, Ohio (Reuters) - Goodyear Tire & Rubber Co. (GT.N), the world's largest tire company, on Wednesday said its first-quarter profits more than doubled, topping Wall Street estimates partly because of an improved performance by its North American and Latin American tire businesses.
The Akron, Ohio-based company said profits rose to $63.6 million, or 40 cents per diluted share, from $25.5 million, or 16 cents, in the same period a year earlier.
Analysts on average were looking for Goodyear to earn 35 cents a share in the latest quarter, according to First Call/Thomson Financial, which tracks such estimates.
The numbers were released after the market closed, when Goodyear was down 1/16 at 29 on the New York Stock Exchange. First-quarter sales rose to $3.54 billion from $2.99 billion.
Goodyear's stock, which has been penalized for sluggish earnings for the past year or so, had rallied on Monday after the company's chairman and chief executive, Samir Gibara, gave an upbeat forecast for the company.
|
