AP News

News Summary: Goodyear shares fall on 3Q results

FLAT TIRES: Goodyear Tire & Rubber Co. reported its third-quarter net income fell 32 percent to $110 million, or 41 cents per share, while revenue dropped 13 percent to $5.26 billion.

THE REASON: The Akron, Ohio-based company said the declines were due largely to falling tire demand in Europe that offset cost cuts and profits from North America.

THE OUTLOOK: Goodyear said it would make more cost cuts to deal with a deteriorating economy, especially in Europe. The company gave few specifics but said it had plans to adjust manufacturing to worsening tire demand in Europe.

The Good Business Issue
blog comments powered by Disqus