Goodyear’s 2Q Net Income Declines; Sales Rise to Record

oodyear Tire & Rubber Co. Friday reported lower net income for the second quarter but said its sales reached a record level.

The No. 1 tire maker said its profit was $2 million or 1 cent a share, from $69 million or 34 cents a year ago.

The company’s earnings beat Wall Street estimates, the Associated Press reported. The quarter's earnings included $63 million, or 36 cents a share, in tax and depreciation costs related to plant closings, the company said.

North American tire unit sales dipped by volume to 23.3 million from 25.3 million but rose by dollars to $2.34 billion from $2.3 billion a year ago.

Goodyear plans to reduce its costs worldwide by $1 billion, up from its previously announced plan of $750 million to $1 billion, said Robert Keegan, chairman and chief executive officer.