Goodyear Reports Fivefold Profit Jump

Goodyear Tire & Rubber Co. said its earnings were nearly five times higher in the second quarter than a year ago.

The Akron, Ohio-based firm’s earnings were boosted by sales at record levels combined with more efficient production spending, Goodyear said.

Chairman Stanley Gault also credited a new marketing strategy with leading to an improvement of market share in the U.S. replacement tire market.

Earnings in the second quarter were $109.7 million, or $1.54 a share, compared to $22.5 million, or 38 cents a share, a year earlier.

Sales for the quarter rose 10.7%, to $3.1 billion from $2.8 billion.

Goodyear’s tire sales were up 10.6% in the quarter.