Goodyear Tire & Rubber is reacting positively to its third-quarter earnings report, which revealed per-share results of $2.75 compared to a year-earlier loss of 27 cents per share. Results included a unique $517 million gain banked from the sale of Goodyear's engineered-products business. Sales were 3.1% higher at $5.06 billion, and earnings from continuing operations checked in at 67 cents per share.
Analysts were expecting a more modest result of 53 cents per share for the latest reporting period. The Street was also expecting revenue of $4.92 billion.
Spanning across the globe, Goodyear enjoyed record sales in all divisions except North America, which saw sales drop 6%. In Europe, sales surged 9.3%, and the Middle East/Africa/Eastern Europe unit saw a 13% jump in sales. Rounding out the international reports, Latin American sales moved 20% higher during the period and the Asia-Pacific region posted a 12% jump in GT sales.
In mid-afternoon trading, GT has tacked on nearly 9% on relatively heavy volume. This increase has lifted the shares beyond their 10-day and 20-day moving averages for the first time in 3 weeks. GT has also topped its 10-week trendline, but the 20-week is perched immediately overhead at the round-number 30 mark.