The Goodyear Tyre & Rubber Company has reported net income of $US28.9 million (18 cents per share) for the second quarter of 2002.

Net income in the second quarter of 2001 was $7.8 million (5 cents per share).
Worldwide, Goodyear’s second quarter sales were $3.5 billion in 2002, versus $3.6 billion in 2001.  Tyre unit volume in 2002’s second quarter was 53.3 million units, down 4% from last year.

“While we still face challenges, this was our best earnings performance since the second quarter of 2000,” said chairman and chief executive officer Sam Gibara.

The company estimates that the effects of currency movements positively impacted worldwide sales by approximately $20 million in the second quarter of 2002 and had a negligible effect on earnings.

Second quarter 2001 results include $20 million in pre-tax earnings resulting from the company’s participation in the Ford Motor Co. tyre replacement programme and $4 million in pre-tax earnings contributed by the Specialty Chemical business, which was sold in December 2001.

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The company’s net loss for the first six months of 2002 was $34.3 million (21 cents per share).  For the first six months of 2001, the company had a net loss of $38.9 million (25 cents per share).