Goodyear Doubles 3Q Profit
CLEVELAND (AP) — Goodyear Tire & Rubber Co. says its profit more than doubled in the third quarter, helped by new products and lower raw-material costs.
The performance marked a reversal by Goodyear, which had reported $554 million in losses in the first six months of the year as the recession staggered the automotive industry.
The tire maker based in Akron said Wednesday it earned $72 million, or 30 cents per share, in the July-September period. That's up from $31 million, or 13 cents per share, a year ago.
It says revenue fell to $4.4 billion from $5.2 billion a year ago.
Goodyear says it earned 45 cents before charges. Analysts expected 40 cents per share.
Its shares are up 21 cents at $16.95 in premarket trading.