Goodyear posts narrower Q1 net loss, revenue up 21%

Goodyear posts narrower Q1 net loss, revenue up 21%

Detroit: Goodyear Tire and Rubber Co posted better-than-expected quarterly results on Wednesday as revenue rose in all regions from the deeply pressured quarter a year before.

Goodyear, the largest US tire maker, reported a net loss because of charges due to Venezuela’s currency devaluation in January, but said its operating loss in the key North American tire unit narrowed sharply from the first quarter of 2009.

The company’s net loss shrunk to $47 million, or 19 cents per share, in the first quarter, from $333 million, or $1.38 per share, a year earlier, when the economic downturn pressured sales to auto manufacturers and to the replacement market.

Excluding charges for the Venezuelan currency devaluation and other one-time items, Goodyear reported earnings of 18 cents per share. Analysts on average had expected a loss of 2 cents per share on that basis, according to Thomson Reuters I/B/E/S.

Sales rose 21% to $4.3 billion in the quarter from a year earlier, Goodyear said.