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Goodyear’s 3Q profit falls, but beats expectations

FILE - In this April 4, 2014 file photo, Brayden Wienke stacks Goodyear tires at Texas Motor Speedway in Fort Worth, Texas. Goodyear reports quarterly financial results on Wednesday, Oct. 29, 2014. (AP Photo/Ralph Lauer, File) FILE - In this April 4, 2014 file photo, Brayden Wienke stacks Goodyear tires at Texas Motor Speedway in Fort Worth, Texas. Goodyear reports quarterly financial results on Wednesday, Oct. 29, 2014. (AP Photo/Ralph Lauer, File)

By Associated Press October 29, 2014 1 min read

AKRON, Ohio (AP) – Goodyear Tire’s third-quarter net income slipped 3 percent, but its adjusted earnings easily beat Wall Street expectations.

Shares of the tire maker rose 10 percent in trading before the market opened.

Net income was $161 million, or 58 cents per share, in the quarter ending Sept. 30. That compares with $166 million, or 62 cents per share, in the same quarter a year ago.

Adjusted to remove certain one-time items, the company earned 87 cents per share. Analysts expected 70 cents, according to FactSet.

Revenue fell 6.9 percent to $4.7 billion from $5 billion. Analysts expected $4.9 billion.

Shares of The Goodyear Tire & Rubber Co., based in Akron, Ohio, rose to $24.12 in premarket trading.