posted a wider-than-expected third-quarter loss, as rising raw material and energy costs, the effects of the euro and restructuring costs in Europe, hurt results.
The tire maker reported a loss of $6.6 million, or 4 cents a share, down from a profit of $109.1 million, or 69 cents a share, in the year-ago period. Nine analysts polled by
First Call/Thomson Financial
expected a loss of 2 cents a share. The latest period includes rationalization charges of $1.2 million, or 1 cent a share, from a plant closing in Italy and a gain of $3.2 million, or 2 cents a share, from a property sale in Mexico.
Revenue rose to $3.48 billion from $3.29 billion a year ago.
The Akron, Ohio, company also said its North American tire business has shipped more than 2.5 million tires to replace the 6.5 million recalled
tires. Goodyear is producing more than 28,000 tires a day to serve as replacements for those recalled.
Shares of Goodyear were recently down 35 cents, or 2%, to $16.60 on the
New York Stock Exchange