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Goodyear Q1 profit climbs 35.4% YOY

Goodyear Tire & Rubber Co. said its first-quarter normalized net income amounted to 49 cents per share, compared with the S&P Capital IQ consensus estimate of 44 cents per share.

EPS increased 22.5% year over year from 40 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $133.0 million, a gain of 35.4% from $98.3 million in the year-earlier period.

The normalized profit margin rose to 3.2% from 2.2% in the year-earlier period.

Total revenue declined 10.0% on an annual basis to $4.02 billion from $4.47 billion, and total operating expenses fell 12.3% year over year to $3.67 billion from $4.18 billion.

Reported net income totaled $224.7 million, or 82 cents per share, compared to a loss of $57.0 million, or a loss of 23 cents per share, in the year-earlier period.