AKRON, Ohio (AP) — Goodyear reported a profit for the first quarter as lower raw material costs helped offset the effect of a decline in global tire sales.
Its adjusted earnings beat Wall Street estimates, and its shares rose 3 percent in premarket trading.
Akron, Ohio-based Goodyear Tire & Rubber Co. said Friday that its net income was $26 million, or 10 cents per share, in the three months ended March 31. It lost $11 million, or 5 cents per share, in the same quarter a year ago.
After charges, the tire maker earned 45 cents per share. Analysts expected 30 cents per share.
Revenue fell to $4.8 billion from $5.5 billion a year ago. Sales dropped 13 percent in Goodyear's core North America market, but also saw a $163 million reduction in raw material costs. Sales dropped 17 percent in Europe.
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