Goodyear tops 4Q profit forecasts

Markets Associated Press

The Goodyear Tire & Rubber Co. (GT) on Wednesday reported fourth-quarter net income of $561 million, after reporting a loss in the same period a year earlier.

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The Akron, Ohio-based company said it had profit of $2.14 per share. Earnings, adjusted for non-recurring gains, came to 95 cents per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 87 cents per share.

The tire maker posted revenue of $3.74 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $3.85 billion.

Goodyear shares have climbed slightly more than 4 percent since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 2 percent. The stock has risen 22 percent 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

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Keywords: Goodyear, Earnings Report, Priority Earnings