Goodyear posts 1st-quarter loss |
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Fri, 27 Apr 2007 14:24
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AKRON, Ohio (AP) - Goodyear Tire & Rubber Co. on Friday reported a first-quarter loss of $174 million because of continuing costs from a settled strike and lower sales in North America.Goodyear's loss amounts to 96 cents per share for the quarter ended March 31, compared with income of $74 million, or 37 cents per share, in the year ago period.The company had first-quarter sales of $4.5 billion, up slightly from the $4.46 billion in the first three months of 2006.Goodyear still is feeling some effect of a 12-week strike of Steelworkers late last year at North American tire plants. The company pegged the cost for the quarter at $34 million. In addition to the strike, the loss included various other charges.However, the company said recovery from the strike is going faster than expected, with production being restored ahead of schedule.Goodyear reduced the estimated impact of the strike to $100 million to $120 million for the year, down from the previous estimate of $200 million to $230 million.The company's shares have been soaring since July 6, more than tripling to a recent seven-year high. The shares have had a one-year trading range of $9.75 to $33.90.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Goodyear Q1 EPS 0.61 usd loss vs 0.23 usd profit 