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Goodyear Tire & Rubber sold fewer tires in the third quarter, as the US auto industry slowed down. But the 100-year-old manufacturer on average earned more for each tire, and beat Wall Street's earnings expectations.

Earnings for the biggest US tire maker dropped sharply in the third quarter from a year ago, when it got a $517 million one-time lift from the sale of its Engineered Products unit. But its shares rose nearly 9 percent in afternoon trading.

Goodyear earned $31 million, or 13 cents per share, for the three months ending September 30th, down from $668 million, or $2.75 per share, a year ago.

Third-quarter income from continuing operations was $31 million, or 13 cents per share, compared to $159 million, or 67 cents a share, for the same period last year.

While net sales increased 2 percent, the number of tires sold declined 12.4 percent as car manufacturing slowed and higher gas prices meant less driving and fewer tire replacements.

Goodyear made more money per tire as a better mix of expensive high-end tires offset increased costs for raw materials.

Goodyear has about 70,000 employees and makes products in more than 60 factories in 26 countries.

 

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