Goodyear Q1 EPS 0.61 usd loss vs 0.23 usd profit |
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Published
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Fri, 27 Apr 2007 13:31
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LONDON (Thomson Financial) - The Goodyear Tire & Rubber Company reported a first quarter EPS loss of 0.61 usd -- or 110 mln usd -- against a 0.26 profit in the same period the previous year; the company blamed the loss on the impact of a fourth quarter strike last year in North America.Sales from continuing operations were 4.5 bln usd, up 1 pct from 4.46 bln usd 2006 despite the impact of the strike.The company said that as a result of improved profitability from increased replacement market sales, the company has reduced its estimated impact of the strike on its North American tire operations to between 100 mln usd and 120 mln usd for the year. The previous estimate was 200 mln usd to 230 mln usd.The improvement in global sales was driven by Goodyear's three emerging market tire businesses, which were up 11 pct from last year.The company said this growth offset a 10 pct decline in sales for Goodyear's North American tire business, which were impacted by the strike and 'an exit from certain segments of the private label tire business, which together reduced sales by about 200 mln usd.'tf.TFN-Europe_newsdesk@thomson.comrwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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