CLEVELAND (AP) — Goodyear Tire & Rubber Co.'s third-quarter profit rose 51 percent on strong performances in Latin America and North America, the tire maker said Tuesday.
But shares dropped 7.5 percent in late morning trading as the company's sales dropped 6 percent, to below the level Wall Street expected.
Akron-based Goodyear said it earned $166 million, or 62 cents per share, for the July-September period. Excluding charges, Goodyear earned 68 cents per share, beating the Wall Street estimate by 1 cent.
Revenue fell 6 percent, to $5 billion from $5.26 billion, hurt by a drop in chemical sales in North America and changes in the value of Asian currencies. Analysts polled by FactSet expected higher sales of $5.27 billion.
Chairman and CEO Richard J. Kramer said the company expects operating income for the year of more than $1.5 billion. It had predicted $1.4 billion to $1.5 billion.
"As the industry continues to recover, we see strong volume growth in the segments we are targeting," Kramer said in a statement.
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