Goodyear reports financial gains in second quarter, first half of year compared to 2023

Akron-based Goodyear Tire & Rubber Co.’s finances are trending upward in multiple aspects.

At the close of market on Wednesday, Goodyear reported a net income of $85 million, or 30 cents per share (EPS), for the second financial quarter of the year, compared to a net loss of $208 million, or $0.73 EPS, for the second quarter of 2023.

The company’s adjusted net income for the quarter was $54 million, compared to an adjusted net loss of $97 million in last year’s second quarter.

Goodyear reported $9.1 billion in sales for the first half of the year and $4.6 billion in sales for the second quarter.

The business had a segment operating income of $339 million for the second quarter, which is up $215 million from the second quarter of 2023.

Goodyear’s earnings report follows the sale of its off-the-road tire business to Yokohama Rubber Co. in a $905 million cash deal and the announcement to relocate 175 jobs to Costa Rica with Akron workers facing layoffs.

The company will host an investor call at 8 a.m. Thursday.

Goodyear closed at $11.70 per share Wednesday, up 11 cents (0.95%).

Patrick Williams covers growth and development for the Akron Beacon Journal. He can be reached by email at pwilliams@gannett.com or on X, formerly known as Twitter, @pwilliamsOH.

This article originally appeared on Akron Beacon Journal: Goodyear reports financial gains in second quarter, first half of year compared to 2023