Goodyear posts profit on global revenue boost
CLEVELAND » Goodyear Tire & Rubber Co. reported a $28 million second-quarter profit yesterday in contrast to a loss a year ago as demand for its tires increased worldwide, especially in the key U.S. market.
The biggest U.S. tire company and third largest globally said it sold more higher-end and Goodyear-branded tires, and that more than offset higher materials costs.
Goodyear, based in Akron, Ohio, reported net income of 11 cents a share for the April-June quarter.
In contrast the company had a net loss of $221 million, or 92 cents a share, a year ago.
Revenue rose 15 percent to $4.5 billion from $3.9 billion a year ago.
Motorola earnings soar 523 percent
NEW YORK » Motorola Inc. reported yesterday a sharply higher profit for the second quarter and stabilized its long revenue decline as its strategy of focusing on smart phones like the Droid bore fruit.
Don't miss out on what's happening!
Stay in touch with top news, as it happens, conveniently in your email inbox. It's FREE!
Co-Chief Executive Officer Greg Brown said he expects the company to post a revenue increase for the third quarter, which would be the first such increase in three years.
The Schaumburg, Ill., company reported net income of $162 million, or 7 cents a share, up 523 percent from $26 million, or 1 cent a share, a year ago. Revenue fell 1.5 percent to $5.4 billion from $5.5 billion.