Goodyear’s Earnings Fall 97% on Charges
From Times Wire Services
Goodyear Tire & Rubber Co.’s profit dropped 97% in the second quarter compared with a year earlier because of charges tied to previously disclosed plant closings and higher materials costs, the tire maker said.
Its earnings excluding the charges beat Wall Street expectations, and its shares rose more than 6% in Friday trading.
The Akron, Ohio-based company said net income slumped to $2 million, or 1 cent a share, from $69 million, or 34 cents, in the year-earlier period.
