Goodyear Posts 1Q Profit on Record Sales

Goodyear Tire & Rubber Co. Friday reported a first-quarter profit, turning around a loss from a year ago, as sales jumped 27% from a year ago to a record.

Net income was $103 million, or 42 cents per share, compared with a loss of $107 million, or 44 cents, a year earlier.

Sales rose to $5.4 billion, the highest level ever achieved by the company in any quarter. Goodyear sold almost 7% more tires than the same period last year, and per-tire revenue rose 15%.

North American sales rose 30% from a year ago to $2.3 billion, a first-quarter record. That reflected 13% more tires sold and 12% more revenue per tire.