Goodyear's 1Q results top projections, despite soft demand

AKRON, Ohio (AP) — Goodyear's first-quarter results managed to beat analysts' expectations, even as the tire maker dealt with rising raw material costs and softer demand.

For the three months ended March 31, Goodyear Tire & Rubber Co. earned $166 million, or 65 cents per share. That compares with $184 million, or 68 cents per share, a year earlier.

Earnings, adjusted for one-time costs, came to 74 cents per share. That easily topped the 63 cents per share that analysts surveyed by Zacks Investment Research predicted.

Revenue for the Akron-based company was nearly flat at $3.7 billion. Analysts expected $3.69 billion in revenue, according to Zacks.

Shares added 55 cents to $36 in morning trading today.