Goodyear Tire & Rubber Co.’s second quarter earnings, while profitable, fell flat, with shares selling off in early trading Friday. The company also posted a loss for the first half of the year.

The Akron tire maker reported net income of $54 million, or 23 cents per share, on revenue of $3.6 billion for the quarter ending June 30. That compares to net income of $157 million, or 65 cents per share, on revenue of $3.8 billion a year ago.

The company had adjusted net income of $58 million, or 25 cents per share, compared to $150 million, or 62 cents per share, for the 2018 second quarter.

The company said it has been hurt by weak original equipment tire demand and foreign currency translation, plus higher raw material costs.

Net income and revenue fell short of analyst expectations.

Shares fell to a 52-week low of $12.58 in early trading Friday before rebounding. Shares were down 84 cents, or 5.7 percent, to $14.11 as of 1:18 p.m. The 52-week high is $25.41. Goodyear shares have fallen 27% since the beginning of the year, while the Standard & Poor's 500 index has increased 20%. The stock has declined 31% in the last 12 months.

“Our U.S. consumer replacement and commercial businesses continued to perform well in a challenging environment, aided by recent product launches,” Richard J. Kramer, chairman, chief executive officer and president, said in a news release. “We have continued our focus on strengthening our business by investing in premium supply and enhancing our [original equipment] pipeline and cost competitiveness.”

Several external factors that have impacted Goodyear’s business in recent quarters are beginning to moderate, positioning the company to deliver stronger results in the future, Kramer said.

Tire unit volumes totaled 37.4 million, a 4% decrease from 2018. Replacement tire shipments declined less than 1%.

Original equipment unit volume was down 11%, reflecting lower global vehicle production and strategic fitment choices, the company said.

Goodyear lost $7 million on revenue of $7.2 billion for the first six months of 2019. The half included $107 million in charges related to modernizing two tire plants in Germany. For the first half of fiscal 2018, Goodyear reported net income of $232 million.

First half 2019 adjusted net income was $103 million, or 44 cents per share, compared to $272 million, or $1.12 per share, for the first half of 2018.