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International, Reader's Choice, Tyre Industry

Goodyear reports improved “core segment operating income”.

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Posted: July 30, 2016 at 10:48 am   /   by   /   comments (0)

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.

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