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7/31/2013 3:30:00 PM Write a Letter to the Editor Write a letter to the Editor

Goodyear’s Earnings More Than Double

Goodyear Tire & Rubber Co.’s second-quarter earnings more than doubled as its operating income jumped 27%, improving in all four of its global regions.

Net income rose to $181 million, or 67 cents per share, from $85 million, or 33 cents per share, a year ago.

Sales dipped to $4.9 billion from $5.2 billion a year ago, although tire unit volume sales improved by $35 million.

North American sales declined to $2.2 billion from $2.5 billion, while operating income rose to a second-quarter record $204 million, from $188 million.

Operating income also rose in its Asia, Latin America and Europe/Middle East/Africa regions, the company said. All except North America posted hire tire volume.

Goodyear held its North America full-year forecast in place, with commercial replacement and commercial original equipment markets to hold at 2012 levels and consumer volume to be up about 5%.

The “strong first-half performance gives us confidence in our full-year outlook for global segment operating income” of about $1.5 billion, at the high end of its forecast, Chairman and CEO Richard Kramer said in a statement.

By Transport Topics

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