Goodyear ( GT) suffered its second straight quarterly loss, as worldwide demand for tires continued to plunge, but the results nevertheless weren't as bad as Wall Street had anticipated, sending shares of the company up 11% in morning trading Wednesday.

The Akron, Ohio, company recorded a net loss of $333 million, or $1.38 a share, on revenue of $3.5 billion. Excluding items, however, Goodyear's per-share bottom line of $1.19 beat analysts' estimates, according to Thomson Financial.

"While we aren't satisfied with our results, they generally reflect the difficult market conditions," Robert J. Keegan, Goodyear's chairman and CEO, said in a statement.

In a pre-market press release, Goodyear said unit volume dropped 20% from the same period last year, which carved $766 million from its first-quarter top line, while a stronger dollar reduced results by another $484 million. Putting pressure on the company's bottom line, meanwhile, were higher prices for raw materials, which jumped 31% from last year.

The company's extra items during the quarter included $57 million in after-tax charges for write-offs and depreciation, and a $9 million gain due to tax law changes.

In midmorning trading Wednesday, Goodyear stock was at 11.70, up 11.75%, on volume of nearly 3 million shares. The daily average is 5.9 million shares.
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