Goodyear Tire & Rubber (GT) was up 10% following its better-than-expected second-quarter earnings report.
Goodyear said it earned $181 million, or 67 cents a share, more than double the 33 cents a share in the year-ago period. Excluding one-time costs, earnings were 76 cents a share.
Revenue edged down to $4.9 billion from $5.2 billion.
The results easily beat analysts' expectations for earnings per share of 48 cents on revenue of $4.8 billion.
The company also sounded an upbeat note about its full-year earnings, saying it now expects operating profit on the higher end of its forecast of $1.4 billion to $1.5 billion.
Profit in North America increased to $204 million, from $188 a year earlier, while Asia profits climbed to $91 million from $71 million. Even Europe, which has been a bugaboo for auto companies amid continent-wide economic weakness, was a success for Goodyear, as profit more than doubled to $51 million from $19 million. Latin America also put in a strong showing, as profit grew to $82 million from $58 million a year earlier.
The stock jumped to a new multiyear high of $19.60 on the news earlier in the day. Goodyear is up more than 48% in the past year.
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