AKRON, Ohio — The Goodyear Tire & Rubber Co. (GT) on Wednesday reported profit that rose by 18 percent in its second quarter. The results matched analysts' expectations.
The Akron, Ohio-based company said net income increased to $213 million, or 76 cents per share, from $181 million, or 67 cents per share, in the same quarter a year earlier.
Earnings, adjusted for non-recurring costs, were 80 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 80 cents per share.
The company said revenue dropped 4.9 percent to $4.66 billion from $4.89 billion in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $4.74 billion, according to Zacks.
Goodyear shares have increased $3.80, or 16 percent, to $27.65 since the beginning of the year, while the Standard & Poor's 500 index has risen 6.6 percent. The stock has climbed $9.09, or 49 percent, in the last 12 months.