AKRON — Goodyear reported 21.7% higher segment operating income for the quarter ended June 30 on 31% higher sales revenue, based on solid business results by both Goodyear's "legacy" business and the contribution of results from Cooper Tire & Rubber.
Second quarter segment operating income rose to $364 million during the period on sales of $5.21 billion. Goodyear attributed the revenue increase to sales related to the acquisition of Cooper Tire, improvements in the price/mix component, higher volume and increased sales from other tire-related businesses.
Net income rose 148% to $166 million, aided by a number of extraordinary items, including a one-time pre-tax gain of $95 million on a sale and leaseback transaction related to retail properties in Americas and a gain of $14 million related to a tariff-rate change. The gains were offset partially by rationalization charges of $26 million and pension settlement charges of $18 million.