Goodyear tops 2Q profit forecasts


AKRON, Ohio (AP) — AKRON, Ohio (AP) — The Goodyear Tire & Rubber Co. (GT) on Wednesday reported second-quarter earnings of $202 million.

On a per-share basis, the Akron, Ohio-based company said it had net income of 75 cents. Earnings, adjusted for non-recurring costs and asset impairment costs, came to $1.16 per share.

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.04 per share.

The tire maker posted revenue of $3.88 billion in the period, which met Street forecasts.

Goodyear shares have dropped 15 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 6 percent. The stock has declined roughly 4 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GT at http://www.zacks.com/ap/GT

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Keywords: Goodyear, Earnings Report, Priority Earnings

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