Goodyear Reports Fivefold Profit Jump
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Goodyear Tire & Rubber Co. said its earnings were nearly five times higher in the second quarter than a year ago.
The Akron, Ohio-based firm’s earnings were boosted by sales at record levels combined with more efficient production spending, Goodyear said.
Chairman Stanley Gault also credited a new marketing strategy with leading to an improvement of market share in the U.S. replacement tire market.
Earnings in the second quarter were $109.7 million, or $1.54 a share, compared to $22.5 million, or 38 cents a share, a year earlier.
Sales for the quarter rose 10.7%, to $3.1 billion from $2.8 billion.
Goodyear’s tire sales were up 10.6% in the quarter.
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