US strength helps Goodyear top expectations
AKRON, Ohio (AP) — The Goodyear Tire & Rubber Co. on Wednesday reported a drop in second-quarter profit as a strong U.S. dollar cut into international sales, but the results beat Wall Street expectations.
The tire maker's profit fell 9.9 percent to $192 million, or 70 cents per share. Earnings, adjusted for non-recurring costs, were 84 cents per share.
The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share.
The Akron, Ohio-based company saw revenue fall 10.4 percent to $4.17 billion in the period, which also beat Wall Street forecasts. Three analysts surveyed by Zacks expected $4.08 billion.
Sales in North America fell 1 percent to $2.