Goodyear Tire Beats Profit Expectations, But Sales Miss

Goodyear Tire & Rubber Co. reported Friday first-quarter net earnings that fell to $166 million, or 65 cents a share, from $184 million, or 68 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 74 cents, beating the FactSet consensus of 63 cents. Revenue inched up to $3.70 billion from $3.69 billion, below the FactSet consensus of $3.78 billion, as sales were flat in the Americas, declined slightly in the Europe, Middle East and Africa region and edged up in Asia Pacific. "While raw material inflation has moderated in recent weeks, we continue to expect a significant year-over-year headwind in 2017," said Chief Executive Richard Kramer. "We remain confident in our ability to offset raw material cost inflation over time." The stock, which was still inactive in premarket trade, has soared 15% year to date, while the S&P 500 has gained 6.7%.