Goodyear Swings to First-Quarter Profit

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oodyear Tire & Rubber Co. said late Wednesday it earned $68 million or 35 cents a share for the first quarter, turning around a loss of $78 million or 45 cents a year earlier.

The turnaround followed a price increase set in February, which drove an 11% increase in revenue to a record $4.8 billion, Goodyear said.

Goodyear said April 19 it would raise commercial tire prices again on May 15. (Click here for previous coverage.) Higher first-quarter prices helped offset increased raw materials costs of about $119 million, Goodyear said.

The company's North American tire sales rose 10% compared to last year’s first quarter, to $2.14 billion. Tire volume was 55.9 million units, up 200,000 from last year.

Goodyear said its consumer tire replacement segment rose 7.9% in the quarter and that its commercial tire replacement and original equipment manufacturer business rose 14.9%.