Joe Raedle/Getty Images News

Joe Raedle/Getty Images News

Goodyear Tire & Rubber Company (NASDAQ:GT ) sales are not slowing even as prices soar.

For the first quarter, the Akron, Ohio-based tire manufacturer notched net sales growth of 40% and noted “continued global market share growth…driven by consumer replacement.”

That growth, along with the integration of Cooper Tire and higher replacement tire volumes, helped fuel revenue to a decade high of $4.9 billion for the first three months of the year.

"We delivered our highest first quarter revenue in 10 years despite ongoing supply chain disruptions, impacts from geopolitical issues in Europe and increasing COVID-19 restrictions in China," CEO Richard J. Kramer said in a statement.

Profitability figures also cruised past analyst estimates, aided by significant price increases that consumers appeared able to withstand. Price mix for the quarter exceeded raw material cost by more than $130 million and aided revenue per tire to grow 17% as compared to the prior year.

"With the addition of Cooper Tire and the benefit of strong pricing actions across our key markets, our merger-adjusted segment operating income grew nearly 40%," Kramer commented.

The ability to control prices and promote demand was picked up on warmly by analysts.

"We are constructive about pricing power for tires across the board, even with sharply rising raw material and other inflationary pressures," Morgan Stanley analyst Victoria Greer wrote on Friday. "Goodyear shows today that it has been able to offset not just raw material inflation but almost all of the logistics, energy and wage cost inflation also."

Despite the positive print and positive reviews, shares traded largely flat in pre-market hours.

Pricing actions have been a persistent story in the tire industry as of late. Read more on the drivers of the price inflation and mitigation actions taken across the industry.