Goodyear Tire & Rubber Co (NASDAQ:GT) shares are trading higher after the company reported better-than-expected second-quarter results.
Goodyear reported quarterly earnings of 32 cents per share which, beat the consensus estimate of 14 cents per share. Goodyear also reported quarterly sales of $4 billion, which beat the analyst consensus estimate of $3.81 billion.
“We delivered merger-adjusted segment operating income significantly above last year and nearly 60 percent higher than second quarter 2019. Our strong results reflect a continued recovery in demand, including above-market growth across many of our businesses. In addition, the execution of our strategies helped deliver the highest quarterly contribution of price/mix in nine years,” said Richard J. Kramer, chairman, chief executive officer and president.
“Broad economic recovery remains robust, particularly in the U.S. and China,” continued Kramer. “Our second-quarter results demonstrate our ability to capture value in the marketplace with innovative products and services while overcoming inflationary cost pressure.”
Goodyear manufactures and sells a variety of rubber tires under the Goodyear brand name. The firm’s tires are used for automobiles, trucks, buses, aircraft, motorcycles, mining equipment, farm equipment and industrial equipment.
Goodyear has a 52-week high of $20.70 and a 52-week low of $7.28.
