Goodyear's 2Q Earnings Rise; Revenue Sets Record
oodyear Tire & Rubber Co. said late Thursday its second-quarter earnings doubled to $69 million or 34 cents a share, from $30 million or 17 cents a year earlier.
The gains were driven by increased volume and higher prices, the company said. Goodyear increased prices in February and again in May. (Click here for previous coverage.)
North American tire sales reached a record, rising 6% over last year to $2.3 billion, even though units sold fell to 25.3 million from 25.7 million.
The company said it was able to make the gains despite raw materials cost increases of $133 million in the quarter. The company said it expects raw material costs to grow 10% this year over last year.