July 28, 2011 news, Goodyear Tire & Rubber Company (GT) said that the second quarter profit growth of 43%, thanks to a substantial increase in revenue.
The company’s net profit for the quarter increased from US$ 28 million, or 11 cents per share, to US$ 40 million, or 16 cents per share, for the same period last year.
Excluding one-time items, the company earned 65 cents a share in the quarter, higher than the 25 cents expected by analysts surveyed by Factset.
Revenue increased from US$4.5 billion in the same period last year to US$5.6 billion, which was higher than the average analyst estimate of US$5.2 billion.
North American revenue rose 18% to $2.4 billion, benefiting from higher sales of high-end tires. The average revenue per tire increased by 20%.
The improvement in the price mix helped Goodyear overcome the 2% drop in tire sales. The decline in sales reflects the decline in the output of the automotive industry, especially in North America.
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