Tire maker Goodyear reports 2Q earnings of $28M on global sales boost

Goodyear reports profit in 2Q on global sales rise

CLEVELAND — Goodyear Tire & Rubber Co. is reporting a profit for the second quarter in contrast to a loss a year ago as tire demand increased worldwide, especially in its key U.S. market.

The biggest U.S. tire company and third largest globally says it sold more of it higher-priced tires and that more than offset higher materials costs.

Goodyear reported net income of $28 million, or 11 cents per share, for the April-June period. It lost $221 million, or 92 cents per share, a year earlier.

Excluding charges, the company earned 12 cents a share, beating the Wall Street forecasts of 5 cents.

Revenue rose 15 percent to $4.5 billion from $3.9 billion a year ago. Sales were up 21 percent in its key North American market.

Its shares are up 36 cents to $12.31 in pre-market trading.