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News Summary: Goodyear swings to 1Q profit

The Associated Press

BACK IN BLACK: Goodyear Tire & Rubber Co. reported a profit for the first quarter as lower raw material costs helped offset the effect of a decline in global tire sales.

THE DETAILS: The Akron, Ohio-based tire maker said its net income was $26 million, or 10 cents per share, in the three months ended March 31. It lost $11 million, or 5 cents per share, in the same quarter a year ago.

REVENUE DROP: Revenue fell to $4.8 billion from $5.5 billion a year ago. Sales dropped 13 percent in Goodyear's core North America market but also saw a $163 million reduction in raw material costs. Sales dropped 17 percent in Europe, 1.5 percent in Latin America and 1.7 percent in Asia.