Goodyear posts loss for year, but gains in 4th quarter

ERJ staff report (R&PN)

Akron, Ohio -- Goodyear suffered a drop in sales and net loss in 2009 but recorded improved revenues and earnings for the fourth quarter.

The tyre maker recorded a net loss of $375 million in 2009, compared to a loss of $77 million in 2008 while sales slipped to $16.3 billion from $19.5 billion the previous year. The drop was mainly caused by a 9.5-percent decline in tyre unit volume because of lower industry demand in North America and Europe, Goodyear said, as well as a $924 million drop in sales of other businesses.

For the fourth quarter of 2009, however, the company's net income jumped to $107 million compared with a loss of $330 million in 2008's final quarter.

Sales for the period rose 7 percent to $4.4 billion, reflecting an 8-percent increase in tyre unit volume because of improved global consumer tire demand and growth in emerging markets, the Akron-based tyre maker said.

From Rubber & Plastics News (A Crain publication)

Press release from Goodyear