EmailGoodyear Tire (GT $18.18 +5.7%) reported second quarter earnings of $0.65 per share, may not be comparable to the Capital IQ Consensus Estimate of $0.27.
Revenues rose 24.1% year/year to $5.62 billion versus the $5.22 billion consensus.
The 2011 second quarter excluded total charges of $66 million (27 cents per share) due to rationalizations, asset write-offs and accelerated depreciation, financing fees of $53 million (22 cents per share) related to the early partial redemption of 10.5% senior notes, $7 million (3 cents per share) related to discrete tax charges, and $3 million (1 cent per share) in costs related to tornado damage at a manufacturing facility; and a gain of $10 million (4 cents per share) on asset sales.
Goodyear expects the global tire industry will continue to grow in 2011. In recognition of second quarter volume levels and a reduced outlook for the U.S. consumer replacement industry, the company now expects that its unit volumes for the year will increase at the lower end of its previously announced range of 3 percent to 5 percent.
