Goodyear reports losing $61M in 1st quarter

Associated Press

AKRON

The Goodyear Tire & Rubber Co. 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-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 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 17 percent. The stock has decreased 23 percent in the last 12 months.