Goodyear tops Street 3Q forecasts

Markets Associated Press

The Goodyear Tire & Rubber Co. (GT) on Friday reported third-quarter net income of $129 million.

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On a per-share basis, the Akron, Ohio-based company said it had net income of 50 cents. Earnings, adjusted for non-recurring costs, were 71 cents per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.

The tire maker posted revenue of $3.92 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $3.91 billion.

Goodyear shares have increased 9 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 14 percent. The stock has climbed nearly 8 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on GT at https://www.zacks.com/ap/GT