AKRON, Ohio (AP) _ The Goodyear Tire & Rubber Co. (GT) on Friday reported a first-quarter loss of $61 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Akron, Ohio-based company said it had a loss of 26 cents. Earnings, adjusted for non-recurring costs, were 19 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 5 cents per share.
The tire maker posted revenue of $3.6 billion in the period.
Goodyear shares have declined 4 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased 17 per cent. The stock has decreased 23 per cent in the last 12 months.
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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
The Associated Press
