The company reported a 5% decline in revenue to $3.6 billion, and earnings of $58 million, or 25 cents a share. Analysts were expecting revenue of $3.78 billion and earnings of 34 cents a share.
"Our U.S. consumer replacement and commercial businesses continued to perform well in a challenging environment, aided by recent product launches," said CEO Richard J. Kramer. "We have continued our focus on strengthening our business by investing in premium supply and enhancing our OE pipeline and cost competitiveness," he added. "I am encouraged that several of the external factors that have impacted our business in recent quarters are beginning to moderate, positioning us to deliver stronger results going forward."
The company reported a 4% decrease in tire unit volumes to 37.4 million. Replacement tire shipments declined less than 1%.
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