Goodyear Tire & Rubber Co. (NYSE: GT) reported Friday that it swung to a first-quarter profit of $103 million, or 42 cents a share, from a year-ago loss of $47 million, or 19 cents a share. Revenue climbed to $5.4 billion from $4.27 billion. Analysts, on average, expected the company to report earnings of 12 cents per share on revenue of $4.77 billion.
"I'm very pleased with our outstanding first quarter results, they're an excellent first step on our path to our 2013 targets," said Richard J. Kramer, chairman and chief executive officer. "Improvement in North American Tire is a critical element to achieving our targets. North American Tire's first quarter performance strengthens my confidence in our future," he added. "All of our businesses made great progress in offsetting higher raw material costs through improved price/mix and in driving sales of new, innovative products."
Shares of the company soared more than 10% in Friday's pre-market trading.
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