Goodyear Q1 Profit Beats Estimates

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Goodyear Tire & Rubber Co
GT
reported stronger-than-expected earnings for the first quarter on Wednesday. The Akron, Ohio-based company posted quarterly earnings of $224 million, or $0.82 per share, versus a year-ago loss of $58 million, or $0.23 per share. Excluding certain items, the company earned $0.54 per share. Its revenue slipped to $4.02 billion from $4.47 billion. However, analysts were expecting a profit of $0.44 per share on revenue of $4.09 billion. The average estimate among 7 Estimize users was for earnings of $0.45 per share and revenue of $4.1 billion. Operating profit in the company's Europe, Middle East and Africa unit dropped 34 percent to $73 million, while operating profit in North America unit climbed 27 percent to $198 million. Operating profit in Goodyear's Asia-Pacific unit rose 3 percent to $67 million, while Latin America operating profit climbed 26 percent to $53 million in the latest quarter. Tire unit volumes gained 2 percent year-over-year to 40.8 million in the first quarter. Original equipment unit volume rose 3 percent, while replacement tire shipments rose 2 percent. The company's board declared a quarterly dividend of $0.06 per share. "Our strong first quarter provides solid momentum as we start 2015," said Richard J. Kramer, chairman and chief executive officer. "We overcame significant foreign currency headwinds and delivered record earnings led by North America, which achieved its fourth consecutive quarter of segment operating income margin of more than 10 percent." Goodyear reaffirmed its guidance for 2015-2016. Goodyear shares rose 2.35 percent to $27.85 in pre-market trading.
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Posted In: EarningsNewsprofit
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