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Goodyear Q2 profit climbs 20.4% YOY

Goodyear Tire & Rubber Co. said its normalized net income for the second quarter amounted to 80 cents per share, compared with the S&P Capital IQ consensus estimate of 77 cents per share.

EPS climbed 23.5% year over year from 65 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $220.3 million, an increase of 20.4% from $182.9 million in the year-earlier period.

The normalized profit margin rose to 5.2% from 3.9% in the year-earlier period.

Total revenue fell 10.4% on an annual basis to $4.17 billion from $4.66 billion, and total operating expenses decreased 13.1% year over year to $3.67 billion from $4.23 billion.

Reported net income decreased 10.2% on an annual basis to $191.8 million, or 70 cents per share, from $213.6 million, or 76 cents per share.