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Goodyear Tire Earnings Beat, Sales Drag in Latin America


Shares of Goodyear Tire are lower on Wednesday, despite beating forecasts. Goodyear sold more tires in Europe in the second quarter, but it didn't do as well in North America, Latin America or Asia. Thanks to cost control, profit rose 18% to 76 cents a share, which was slightly better than estimates. Globally, revenue declined 5% to under $4.7 billion, that was below expectations. Latin American sales declined 8% compared to last year. The weakness was especially pronounced in Brazil, where equipment unit volume was down 33%. Sales in North America and Asia both fell 7%. TheStreet's Julia Sun has details from New York.