UPDATE: Goodyear Tire Posts Higher Q2 Profit

Goodyear Tire & Rubber Co

reported around 18% rise in its second-quarter profit. The Akron, Ohio-based company posted quarterly net income of $213 million, or $0.76 per share, up from $181 million or $0.67 per share, in the year-ago period. Excluding certain items, it earned $0.80 per share, versus analysts' estimates of $0.79 per share. Its overall revenue fell around 4.9% to $4.66 billion, versus expectations of $4.75 billion. Goodyear's North America division posted an operating profit of $208 million, up from $204 million, in the year-ago period. Europe's division operating profit jumped to $117 million versus $51 million. Asia division's operating profit slipped to $76 million versus $91 million, while Latin America's operating profit dropped to $59 million versus $82 million. Replacement tire shipments climbed 6% in the quarter. Goodyear reaffirmed its 2014-2016 financial estimates. Goodyear shares declined 0.54% to $27.50 in pre-market trading.