Goodyear Reports 4th Quarter Loss

Goodyear Tire & Rubber Co. (GT) plans to cut 5,000 jobs this year after reporting a fourth-quarter loss as sales sank 21 percent. Goodyear lost $330 million, $1.37 per share, in the fourth quarter, after a profit of $52 million, or 23 cents per share, a year earlier.

The company lost $1.18 per share, excluding one-time charges or gains, in the most recent quarter. Analysts expected a loss of $1.03 cents per share on that basis. Sales dipped to $4.1 billion from $5.2 billion a year earlier. The company said the global economy depressed tire sales in the recent quarter by 19 percent.

by Mark Anderson | 02/18/09 | Stocks: GT,

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Goodyear Reports 4th Quarter Loss

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