Tyre-maker Goodyear today reported a fourth-quarter loss as economic weakness reduced tyre demand, and said it would cut 3,500 more jobs worldwide to eliminate excess capacity.
Goodyear incurred a fourth quarter net loss, after items, of $174.0 million compared with a net loss of $102.0 million a year ago. Sales fell to $3.47 billion from $3.53 billion.
Goodyear has warned car makers it may stop selling them certain tires at a loss, a shift that would boost the company's profits, according to a report in today's Wall Street Journal.
Goodyear shares were down 34 cents, or 1.6 per cent, at $21.06 in early trading on the New York Stock Exchange. The stock has fallen about 10 per cent so far this year while the Standard & Poor's 500 index has declined about 5.9 per cent.