RTTNews | Nov 5, 2021 08:43AM EDT

08:42 Friday, November 5, 2021 (RTTNews.com) - The Goodyear Tire & Rubber Company (GT) reported an increase in profit for the third quarter that also topped Wall Street estimates. Sales were up 42% from a year ago, driven by the Cooper Tire merger, improvements in price/mix, increased sales from other tire-related businesses and higher volume.

Third quarter adjusted net income per share was $0.72 compared to $0.10, last year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.29, for the quarter. Analysts' estimates typically exclude special items. Net income was $132 million or $0.46 per share compared to a net loss of $2 million or $0.01 per share.

Sales were $4.9 billion, up 42% from a year ago. Analysts on average had estimated $4.75 billion in revenue. Excluding the Cooper Tire transaction, growth was 16%. Tire unit volumes were 48.2 million, up 32% from last year.

Shares of Goodyear Tire & Rubber Company were up 12% in pre-market trade on Friday.

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