CLEVELAND (AP) - The Goodyear Tire & Rubber Co.'s second-quarter earnings more than doubled as higher global sales were led by a solid jump in Latin America, the tire company reported Tuesday.
CLEVELAND (AP) — The Goodyear Tire & Rubber Co.'s second-quarter earnings more than doubled as higher global sales were led by a solid jump in Latin America, the tire company reported Tuesday.
Goodyear earned $181 million, or 67 cents per share, on revenue of $4.89 billion in the second quarter, compared with April-June 2012 net income of $85 million, or 33 cents per share, on revenue of $5.15 billion.
After one-time charges, Goodyear earned 76 cents, beating the FactSet estimate of 48 cents per share. Revenue had been forecast at $4.88 billion.
Goodyear sold 1 percent more tires in the second quarter and had record operating income for any quarter in its North America and Asia-Pacific regions. Segment operating income rose from $58 million to $82 million in Latin America and from $71 million to $91 million in Asia-Pacific.
In Latin America, sales rose 6 percent to $531 million, led by a 9 percent increase in replacement tire shipments.
In Goodyear's core North American market, sales dropped 10 percent but segment operating income rose from $188 million to $204 million, up 9 percent from the second quarter of 2012 and helped by a focus on higher-end tires.
Chairman and CEO Richard Kramer said the company's first-half performance made it confident that its global segment operating income for the full year would be about $1.5 billion, at the high end of its previously announced range of $1.4 billion to $1.5 billion.
The Akron-based company and United Steelworkers reached a tentative agreement for workers at six plants Saturday night, avoiding a strike just hours before a deadline.
No details were disclosed Monday pending ratification votes by the union. Union members struck in 2006 for three months.