Goodyear Tire & Rubber Swings To Q1 Profit, Backs 2015 Outlook - Quick Facts

(RTTNews) - Tire manufacturer Goodyear Tire & Rubber Co. (GT) reported that first-quarter net income to common shareholders was $224 million or $0.82 per share, compared to a net loss of $58 million or $0.23 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $148 million or $0.54 per share, compared to $156 million or $0.56 per share in the year-ago quarter.

On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined to $4.02 billion from $4.47 billion in the same quarter last year. Analysts expected revenue of $4.09 billion for the quarter. Tire unit volumes increase 2 percent 40.8 million.

Looking ahead to fiscal 2015, the company continues to expect segment operating income growth of between 10 and 15 percent per year, and an adjusted Debt to EBITDAP ratio of 2.0x to 2.1x. It also still expects annual positive free cash flow from operations.