Goodyear Profit Grows 51%

Goodyear Tire & Rubber Co. said profit rose 51% in the third quarter as each regional operating segment saw improved results.

Net income was $166 million, or 62 cents a share, compared with $110 million, or 41 cents, a year earlier, the tire maker said in an Oct. 29 statement. Revenue fell 6% to $5 billion.

“As the industry continues to recover, we see strong volume growth in the segments we are targeting,” Goodyear Chairman and CEO Richard Kramer said in the statement. “While we continue to be disciplined in our approach, we are seeing growth in unit volumes, including in our North America business, driven by the Goodyear brand.”

Excluding charges, Goodyear’s profit was 68 cents a share, it said.