Goodyear Tire and Rubber Co. has reported a loss of $73.6 million in the second quarter, pointing to higher prices for raw materials such as rubber and oil.
Sales for the quarter increased 8%.
The net loss of 42 cents a share is in contrast to net income of $28.9 million, or 18 cents, in the same period last year. Shares in Goodyear, which is based in Akron, Ohio, rose 7.1% as the company said its quarterly revenue per tire rose in North America and the industry's June replacement sales in the region were up.
Goodyear shares rose 37 cents, to $5.54. The stock has declined 20% this year.
Sales for the quarter increased 8%.
The net loss of 42 cents a share is in contrast to net income of $28.9 million, or 18 cents, in the same period last year. Shares in Goodyear, which is based in Akron, Ohio, rose 7.1% as the company said its quarterly revenue per tire rose in North America and the industry's June replacement sales in the region were up.
Goodyear shares rose 37 cents, to $5.54. The stock has declined 20% this year.
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