AKRON (dpa-AFX) - Tire manufacturer Goodyear Tire & Rubber Company (GT) on Wednesday reported a narrower loss for the third quarter compared with the year-ago period, which included a goodwill impairment charge.
However, adjusted results swung to a loss amid lower tire volumes, inflation and higher tariffs.
Goodyear reported a net loss of $238 million, or $0.82 per share, compared with a net loss of $2.20 billion, or $7.62 per share, in the prior-year quarter. The year-ago results included a $674 million goodwill impairment charge.
Adjusted net loss was $31 million, or $0.11 per share, compared with adjusted net income of $82 million, or $0.28 per share, a year earlier.
Net sales decreased 2.3% to $4.54 billion from $4.65 billion. Excluding the impact of the divestitures of its Chemical business and Dunlop brand, organic sales increased 1.6%.
Tire unit volume declined 3.3% to 38.6 million units. Segment operating income fell to $174 million from $287 million, with lower volumes, inflation, and higher tariffs and other costs partly offset by cost-saving initiatives and favorable price/mix.
Asia Pacific segment operating income increased to $66 million from $51 million, while Americas and EMEA reported declines.
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