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Goodyear beats 4Q profit forecasts

AKRON, Ohio (AP) - The Goodyear Tire & Rubber Co. reported a sharp jump in its fourth-quarter net income, thanks to a $2 billion tax credit that offset unfavorable currency conditions and weak sales in Europe, the Middle East and Africa.

Shares of Goodyear rose 3 percent in midday trading Tuesday.

The tire company reported net income of $2.13 billion, or $7.68 per share, in the three months ending Dec. 31.

Earnings, adjusted for non-recurring gains, were 59 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.

Revenue fell 9.1 percent to $4.36 billion in the period, which missed Street forecasts. Analysts expected $4.39 billion, according to Zacks.

The company said sales were hurt by $256 million due to a stronger U.S. dollar and $181 million due to lower sales in Europe, the Middle East and Africa.

Goodyear shares rose 78 cents, or 3 percent, to $26.69 in midday trading Tuesday. Its shares have fallen almost 7 percent since the beginning of the year.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GT at http://www.zacks.com/ap/GT

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Keywords: Goodyear, Earnings Report, Priority Earnings

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