Tags: Goodyear | Profit | Revenue | tires

Goodyear Turns Profit as Revenue Jumps 22 Percent on High-End Tires

Friday, 28 Oct 2011 09:33 AM

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.


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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...
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2011-33-28
Friday, 28 Oct 2011 09:33 AM
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