Goodyear posts a quarterly profit that exceeds Wall Street forecasts
By Andrew C., 30 Aug, 2010. 0 Comments
Because of better-than-expected results at its key North American unit, Goodyear Tire & Rubber Co. was able to exceed Wall Street forecasts as it posted a quarterly profit recently.
The largest US tire maker Goodyear experienced a loss in its North American unit that‚ lower than it had warned of last October due to stronger-than-expected tire sales volume and price increases. In its last quarter, Goodyear recorded net income of $107 million, or 44 cents per share. A year ago, it had a net loss of $330 million, or a $1.37 loss per share. Revenue went up 7.3% to $4.4 billion. Goodyear had earned 14 cents a share excluding one-time items. Thomson Reuters I/B/E/S said that on average, analysts had expected a 9 cents per share loss.
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