Goodyear’s Third-Quarter Profit Improves

Goodyear Tire & Rubber Co.’s third-quarter profit more than doubled, though the company forecast an operating loss for its North American market this year.

The largest U.S. tire maker earned $72 million, or 30 cents per share, compared with $31 million, or 13 cents per share, a year ago.

Revenue fell to $4.4 billion from $5.2 billion a year ago, but rose 11% from the second quarter.

The improved earnings gain followed $554 million in losses in the first six months of the year as the recession hit the automotive industry hard, the Associated Press reported.

North American quarterly sales fell to $1.86 billion, from $2.2 billion a year ago, while operating income for the region improved to $2 million, from a $19 million loss last year.

The United Steelworkers union ratified a four-year labor pact with the company in September, the company said.

Goodyear said it expects year-over-year global industry growth in 2010 and said its new products, especially high-end tires, and cost-cutting measures would help its profitability, the Associated Press reported.