Akron, Ohio – Goodyear Tire & Rubber Co. has suffered double-digit declines in segment operating income for both fiscal 2018 and the fourth quarter.
The decline reflected, among other thing, higher raw material costs and weaker results from other tire-related businesses, the tire maker said in its annual results statement 8 Feb.
Segment operating income for the year fell 18.1% to $1.27 billion (€1.12 billion) on 0.6% higher sales of $15.5 billion.
Goodyear said unfavourable foreign currency translation affected the results.
That was, however, partially offset by net cost…