Goodyear's 3Q profit falls 3 percent, but earnings beat expectations; shares rise

MarketsAssociated Press

Goodyear Tire's third-quarter net income slipped 3 percent, but its adjusted earnings easily beat Wall Street expectations.

Shares of the tire maker rose 10 percent in trading before the market opened.

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Net income was $161 million, or 58 cents per share, in the quarter ending Sept. 30. That compares with $166 million, or 62 cents per share, in the same quarter a year ago.

Adjusted to remove certain one-time items, the company earned 87 cents per share. Analysts expected 70 cents, according to FactSet.

Revenue fell 6.9 percent to $4.7 billion from $5 billion. Analysts expected $4.9 billion.

Shares of The Goodyear Tire & Rubber Co., based in Akron, Ohio, rose to $24.12 in premarket trading.