Goodyear reports improved “core segment operating income”.
Goodyear has reported improved “core segment operating income” for the quarter and six months ended June 30 despite lower sales revenue.
Second quarter core segment operating income — which excludes results from the company’s “deconsolidated” Venezuelan subsidiary — was up 3.3 percent over the 2015 period to $531 million, Goodyear reported, while sales fell 7 percent to $3.88 billion. As a result, the operating ratio jumped a point and a half to 13.7 percent.
The Akron-based tyre maker attributed the lower revenue to the de-consolidation of the Venezuelan unit, the sale of its North American motorcycle tire business to Sumitomo Rubber Industries Ltd. and unfavorable currency translations. Unit sales volume was up 2 percent to 41.5 million units.
Net income was up 5.2 percent to $202 million.