Goodyear: Profits and revenue increased in the quarter

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Goodyear Tire & Rubber reported an increase in second-quarter profit and revenue as higher prices and volumes offset higher material costs and coronavirus-related distortions in China.

The stock is up 5%.

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Tire volumes increased 21% over the prior year, driven in part by Goodyear’s acquisition of Cooper Tire.

Price increases and higher sales volumes helped revenue rise 31 percent and offset macroeconomic headwinds, CEO Richard Kramer said.

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The US tire company said net profit rose to $166 million, or 58 cents a share, from $67 million, or 27 cents a share, a year ago.

On an adjusted basis, earnings per share came in at 46 cents, topping estimates of 36 cents.

Revenue for the period was $5.2 billion, up from $4 billion a year ago.

Analysts had expected revenue of $5 billion.

Source: Capital

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