Goodyear (GT) reports Unexpected Profit, Share Surge

Goodyear Tire & Rubber Co. (NYSE: GT) reported an unexpected 4th quarter profit on Thursday, causing its shares to climb nearly 5% in morning trading.

Goodyear Tire & Rubber Co. reported earnings of $107 million, or 44 cents per share, up from a loss of $330 million, or $1.37 per share for the same quarter a year earlier.

Sales were up 7% to $4.4 billion.

Adjusted for one time items, earnings per share would have been 14 cents.

A poll by FactSet Research showed analysts expecting Goodyear to lose 8 cents per share on sales of $4.1 billion.

The company said the results were brought about by cost cuts and lower material expenses.