The Goodyear Tire & Rubber Co. this morning reported record first quarter earnings of $224 million or 83 cents per share after posting a loss for the same time period a year ago.



The Akron-based tire company last year reported a $58 million loss for first quarter of 2014.



"Our strong first quarter provides solid momentum as we start 2015," Richard J. Kramer, chairman and chief executive officer said in a press release. "We overcame significant foreign currency headwinds and delivered record earnings led by North America, which achieved its fourth consecutive quarter of segment operating income margin more than 10 percent."



"Our volume growth was driven by market demand for our award-winning high value-added products and gives us increased confidence in our outlook for the remainder of the year."



The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.



Goodyear posted revenue of $4.02 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $4.07 billion.



In a conference call with analysts, Kramer said the company's North American division led the way by setting a first-quarter earnings record of $198 million, up 27 percent from th eprior year. The improvement was driven primarily by lower raw material costs and higher tire unit volume.



Goodyear shares were up $1.52 to $28.73 in early morning trading.



(The Associated Press contributed to this report).