Goodyear Tire Rallies 12% on Great Earnings (GT)

Goodyear Tire GT is rallying this morning after the company reported strong earnings. Goodyear Tire reported an EPS of $0.42 versus the $0.12 Street estimate. Revenues for the company came in at $5.4 billion versus the $4.77 billion Street estimate. More information about Goodyear Tire earnings this morning can be found here. Today, Kramer added, "Our outstanding revenue-per-tire performance reflects a continued focus on developing and selling innovative products in targeted market segments." In an earlier address at Goodyear Tire's annual shareholder meeting on April 12th, Chairman and Chief Executive Officer Richard J. Kramer said that he is confident in Goodyear's strategy and believes the company is well positioned to achieve its goals. Kramer said he is pleased with Goodyear's 2010 performance, which exceeded the company's targets. Goodyear expects the global tire industry to continue to grow in 2011 and has increased its forecast for most major segments in North America and Europe. The company now expects that its unit volumes will increase at the higher end of the previously announced range of 3 percent to 5 percent. The accomplishments of the prior earnings period, Kramer said, "are evidence of our positive momentum and give us confidence that, in 2011, we will continue to strengthen our leadership position in the industry." He said Goodyear will do this by being first with customers, the leader in targeted market segments and the leader in innovation.