Goodyear improves but still posts loss on year

From Rubber & Plastics News

Akron, Ohio-Goodyear fared better in 2003 than it did in 2002.

But the tyre maker still recorded a net loss of $434.4 million for the fourth quarter of 2003 compared to a net loss of $1.22 billion for the period in the previous year.

Sales rose 11.6 percent to $3.91 billion during the final three months of 2003 compared to 2002.

Goodyear reported a net loss of $802.1 million for 2003, compared to a loss of $1.23 billion for 2002, on record net sales of $15.1 billion, an increase of 9.1 percent from the previous year.

During the fourth quarter, tyre unit volume slipped to 52.8 million units from 53.6 million units in the like 2002 period. Each of Goodyear's seven businesses reported improved year-over-year segment operating results during the quarter and the company said the outlook for the first quarter 2004 is positive for all seven operations.

Overall, Goodyear said it expects to record strong first period results, driven principally by price and product mix improvements as well as cost reductions.