Goodyear Reports Increase in Net Income

Goodyear Tire & Rubber Co. has reported a first-quarter profit of 8.8%, despite an increase in raw-material costs. The increase is credited by the adjustment to selling more high-end tires.

Goodyear headquartered in Akron, Ohio, reported net income of $74 million, up from $68 million, in 2005. This included a restructuring charge of $30 million, which was offset by gains from pension-plan changes in Latin America and legal settlements. Sales rose 1.9% to $4.86 billion.

The results mark a continuation of Goodyear's turnaround, which has been aided by a shift toward selling more high-value tires.