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Goodyear Tire & Rubber  (GT) - Get Free Report shares advanced Friday, even after the tire maker missed Wall Street's third-quarter earnings and revenue expectations.

The Akron, Ohio, company reported net income of $88 million, or 38 cents a share, for the quarter, down from $351 million, or $1.48, in the year-earlier period.

Adjusted earnings for the latest quarter were 45 cents a share, short of analysts' expectations of 52 cents.

The earnings decline was driven by a year-earlier net gain of $287 million resulting from Goodyear's TireHub transaction, which was a joint venture with Bridgestone. undefined

Revenue totaled $3.8 billion, down from $3.93 billion a year ago and missing Wall Street's forecast for $3.9 billion. The company cited unfavorable foreign-currency translation and lower third-party chemicals sales as the reason for the drop in revenue.

"Industry conditions were softer than we anticipated in Europe and we continue to see an adverse impact from lack of alignment in our distribution channels," Richard J. Kramer, chairman, president and CEO, said in a statement.

Goodyear shares are trading up 5.5% at $15.98.

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