Goodyear posts stronger-than-expected profit

DETROIT, Fri Apr 26, 2013 — 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.