Goodyear Posts First Profit in Two Years
Goodyear Tire & Rubber Co. had its first quarterly profit in almost two years as it sold more tires at higher prices and cut costs.
Net income was $25.1 million, or 14 cents a share, contrasted with a net loss of $53 million, or 30 cents, the Akron, Ohio-based company said. Revenue rose 20% to $4.5 billion.
Goodyear said the sales gain came from improved pricing, a better product mix and favorable currency conversions. The company last had a profit in the third quarter of 2002.
The company sold 55 million tires in the latest quarter, up 4.2% from 52.8 million.
Shares of Goodyear rose 5 cents to $10.90 on the NYSE.
From Bloomberg News
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