AKRON, Ohio (AP) — The Goodyear Tire & Rubber Co. (GT) on Wednesday reported first-quarter net income of $75 million.
On a per-share basis, the Akron, Ohio-based company said it had profit of 31 cents. Earnings, adjusted for non-recurring costs, came to 50 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The tire maker posted revenue of $3.83 billion in the period.
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Goodyear shares have dropped 17 percent since the beginning of the year, while the Standard & Poor’s 500 index has declined 1.5 percent. The stock has dropped 25 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GT at https://www.zacks.com/ap/GT