Goodyear Swings to 2Q Loss on Lower Tire Volume, Higher Costs

Dow Jones08-06

Goodyear Tire & Rubber swung to a second-quarter loss as lower tire sales volume combined with higher costs.

The company posted a loss of $204 million, or 71 cents a share, compared with a profit of $254 million, or 87 cents a share, in the year-ago quarter.

On an adjusted basis, the company reported a loss of 61 cents a share. Analysts polled by FactSet expected a loss of 63 cents a share.

Net sales fell 4.8% to $4.25 billion. Wall Street expected $4.19 billion. Organic net sales declined 1.4% due to lower tire unit volume.

Adjusting for the sales of its chemical business and the Dunlop brand, segment operating income decreased $79 million, weighed down by lower volume of $132 million, higher tariffs and other costs of $100 million and inflation of $53 million.

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