Goodyear, Cooper Tire Report Mixed 1Q Results

Goodyear Tire & Rubber Co. reported a first-quarter loss, citing refinancing charges that offset higher revenue.

The No. 1 North American tire maker lost $11 million, or 5 cents a share, compared with a profit of $103 million, or 42 cents, a year ago.

North American sales rose 8% to $2.5 billion, on higher pricing.

Goodyear said it expects long-term growth in the global tire industry to continue, but at a slower pace than previously forecast.

The commercial tire original equipment market will rise 10% to 15% this year, with replacement about even, the company said. 

Cooper Tire & Rubber Co.’s first-quarter profit jumped 38%, on higher pricing.

Net income rose to $21.6 million, or 34 cents a share, from $15.7 million, or 25 cents, a year ago.

Sales rose 9.1% to $984.3 million, while North American tire sales rose 8% to $698 million. Its international sales jumped 11% to $404 million.