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Goodyear Q2 profit climbs 9.2% YOY

Goodyear Tire & Rubber Co. said its second-quarter normalized net income came to 88 cents per share, compared with the S&P Capital IQ consensus estimate of $1.02 per share.

EPS rose 11.7% year over year from 79 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $237.1 million, an increase of 9.2% from $217.1 million in the year-earlier period.

The normalized profit margin climbed to 6.0% from 5.2% in the year-earlier period.

Total revenue declined 7.0% year over year to $3.88 billion from $4.17 billion, and total operating expenses fell 7.5% from the prior-year period to $3.40 billion from $3.67 billion.

Reported net income grew from the prior-year period to $201.0 million, or 75 cents per share, from $191.8 million, or 70 cents per share.