Goodyear 2Q profit doubles, beats predictions

AP News
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Posted: Jul 31, 2012 8:34 AM

AKRON, Ohio (AP) — Goodyear Tire says its second-quarter net income more than doubled, as lower costs more than offset a drop in tire sales.

Its adjusted results beat Wall Street predictions.

The Akron, Ohio-based company reports net income of $85 million, or 33 cents per share, for the three months ended June 30. That's up from $40 million, or 16 cents per share, a year ago.

Excluding one-time items, Goodyear earned 57 cents per share. Analysts expected 45 cents per share.

Its revenue fell 8.4 percent to $5.15 billion as tough economic conditions in Europe reduced demand. Analysts expected $5.74 billion.

Goodyear Tire & Rubber Co. says it now expects its full-year tire sales volumes to be down about 5 percent to 7 percent from 2011 levels.