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Goodyear refinancing charges lead to $11M 1Q loss

11:27 AM, Apr 27, 2012   |    comments
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AKRON, Ohio -- Goodyear Tire says it lost $11 million in its first quarter as refinancing charges more than offset the impact of higher revenue.

The biggest North American tire maker also says it expects the global tire industry will grow at a slower pace than it previously forecast.

But its adjusted earnings beat Wall Street expectations and its shares rose almost 3 percent in premarket trading.

Goodyear Tire & Rubber Co. said Friday its loss was equivalent to 5 cents per share for the three months ended March 31. That contrasts with net income of $103 million, or 42 cents a share, a year ago.

Excluding charges, Goodyear earned 34 cents per share, topping Wall Street estimates of 7 cents per share.

Its revenue rose 2 percent to $5.5 billion. Analysts expected $5.83 billion.

Associated Press

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