Goodyear Tire & Rubber Q1 Results Top Estimates

(RTTNews) - Goodyear Tire & Rubber Co. (GT) reported Friday that net income for the first quarter soared to $96 million or $0.33 per share from $12 million or $0.05 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.37 per share, compared to $0.43 per share in the year-ago quarter.

Net sales for the quarter increased 40 percent to $4.91 billion from $3.51 billion in the same quarter last year, driven by the Cooper Tire merger, improvements in price/mix, higher volume, and increased sales from other tire-related businesses.

Excluding the Cooper Tire transaction and foreign currency, net sales grew only 20 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share on sales of $4.65 billion for the quarter. Analysts' estimates typically exclude special items.