Goodyear Tire & Rubber Co. reported a profit for the first quarter on Friday as lower raw material costs helped offset the effect of a decline in global tire sales.
The Akron, Ohio, tire-maker’s net income was $26 million, or 10 cents a share, in the period ended March 31. It lost $11 million, or 5 cents a share, in the same quarter a year ago.
After charges, Goodyear earned 45 cents a share. 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 drop in raw material costs.
Redesigned Corvette carries $52,000 tag
General Motors said Friday that a base model of the 2014 Corvette Stingray will start at about $52,000.
The 2014 Corvette goes on sale this summer. The latest version was completely redone, and shares only two parts with the current model, which is nine years old.
The 1,000-person team at GM made the 2014 version lower and sleeker. The interior gets a modern look with new touch screens. Under the hood, the car gets a new 450-horsepower, 6.2-liter V-8 engine. A new seven-speed manual transmission is standard.
Dealers say customers already are putting down deposits. The car performs similar to a Porsche 911, yet a comparably equipped 911 would cost $100,000.
Avon chairman leaves in latest leader shuffle
Avon said Friday that Fred Hassan, its non-executive chairman, has resigned from the board, the company’s latest management change.
Hassan had just become chairman at the start of the year, replacing the direct seller of beauty product’s longtime leader, Andrea Jung.
The company is working to cut costs, aiming for $400 million in cost savings by 2016. It has slashed jobs and cut its dividend after suffering sales declines, a bribery probe and other problems.
Google buys startup that shrinks content
Google has bought Wavii, a Seattle startup behind an application that condenses online content for time-pressed Web surfers. As with most of its acquisitions, Google isn’t disclosing the sale price.
Wavii’s technology grasps the context of language so it can summarize the main points in news stories and other content.
Although Wavii’s app is shutting down, CEO Adrian Aoun says the startup’s technology will be used in other Google products.
Google Inc., which is based in Mountain, View, Calif., declined to discuss its plans for Wavii.
1st Source bank parent reports earnings jump
1st Source Corp. on Friday reported first-quarter earnings of $12.4 million, or 50 cents per diluted common share, a 6 percent increase from the $11.7 million, or 48 cents a share, posted for the same period of 2012.
The South Bend-based holding company for 1st Source Bank opened a new branch in Columbia City and converted to a new data storage system during the three months that ended March 31.
Christopher Murphy III, chairman and CEO, said the economy seems to be turning the corner.
Still, the very low (interest) rate environment may help borrowers, but it hurts savers and investors and is causing significant margin pressure for us, he said in a written statement.