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Goodyear Loses $358 Million
Posted: Tue Feb 20, 2007 8:15 pm
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Goodyear Loses $358 Million
Goodyear Tire & Rubber Co. lost $358 million in the fourth quarter due to a strike at 16 of its plants that reduced sales, the Associated Press reported Friday.
The world’s largest tire maker’s loss was $2.02 per share, on sales of $4.98 billion. It had taken a $51 million loss, or 29 cents a share, on sales of $4.94 billion in the previous fourth quarter, AP said.
The company estimated the strike at 16 of its North American plants reduced fourth-quarter sales by $363 million, or $2.07 a share, and tire volume by 2.8 million units.
More than 14,000 Goodyear workers who are members of the United Steelworkers union went on strike in October, AP reported. They returned to work Jan. 2.
For the year, Goodyear’s sales rose 3% to a record $20.3 billion, despite a 5% decline in tire unit volume. Its 2006 net loss was $330 million or $1.86 per share, compared to net income of $228 million or $1.16 in 2005. L&MT
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