Goodyear posts stronger-than-expected profit
DETROIT, April 26
DETROIT, April 26 (Reuters) - Goodyear Tire & Rubber Co on Friday posted a stronger-than-expected quarterly profit as record results in North America and Asia offset weakness in Europe.
The tire maker also maintained its full-year financial outlook.
The company reported first-quarter net income available to common shareholders of $26 million, or 10 cents a share, compared with a year-earlier loss of $11 million, or 5 cents a share.
Excluding a 37-cent loss resulting from the devaluation of the Venezuelan currency and other one-time items, Goodyear earned 45 cents a share. That was 15 cents above what analysts polled by Thomson Reuters I/B/E/S had expected.
Sales fell 12 percent to $4.85 billion, below the $5.1 billion analysts had expected.
Goodyear affirmed its full-year outlook, saying it expected segment operating income - the combined results of its four business units - to come in at $1.4 billion to $1.5 billion. In February, the Akron, Ohio-based company cut that forecast from $1.6 billion, citing weakness in the Europe automotive market and the currency devaluation in Venezuela.
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