Goodyear Profits Double

Jul 31, 2012

Akron-based Goodyear says second-quarter profit rose by more than 50 percent due to lower production costs.  The tire maker reports a profit of 85 million dollars, compared with a 40-million dollar profit in the same period a year ago. Revenue fell 8.4 percent to 5.15 billion dollars as the poor European economy reduced tire sales. The results are below Wall Street expectations. Goodyear now expects full-year sales to decline by 5 to 7 percent from 2011 levels.