CLEVELAND (AP) — The Goodyear Tire & Rubber Co.'s second-quarter earnings more than doubled as it sold more tires worldwide, led by a 4 percent increase in Latin America, the company reported Tuesday.
Shares rose 12 percent to $19.06, the biggest gain in the S&P 500.
Goodyear earned $181 million, or 67 cents per share, on revenue of $4.89 billion, down 5 percent, in the second quarter, compared with April-June 2012 net income of $85 million, or 33 cents per share, on revenue of $5.15 billion.
After one-time charges, Goodyear earned 76 cents, beating the FactSet estimate of 48 cents per share. Revenue had been forecast at $4.88 billion.
Goodyear sold 1 percent more tires in the second quarter and had record operating income for any quarter in its North America and Asia-Pacific regions. Segment operating income rose from $58 million to $82 million in Latin America and from $71 million to $91 million in Asia-Pacific.