After losses in 2012, Goodyear earnings up in first quarter
Goodyearreported a profit for the first quarter as lower raw material costs helpedoffset the effect of a decline in global tire sales.
Itsadjusted earnings beat Wall Street estimates, and its shares rose 3 percent inpre market trading.
TheAkron, Ohio based Goodyear Tire & Rubber Co. said Friday that its netincome was $26 million, or 10 cents per share, in the three months ended March31. It lost $11 million, or 5 cents per share, in the same quarter a year ago.
Aftercharges, the tire maker earned 45 cents per share. Analysts expected 30 centsper share.
Revenuefell to $4.8 billion from $5.5 billion a year ago. Sales dropped 13 percent inGoodyear's core North America market, but also saw a $163 million reduction inraw material costs. Sales dropped 17 percent in Europe.