Goodyear Tire & Rubber
Wednesday reported a narrower fourth-quarter loss as revenue rose more than 11%.
The Akron, Ohio-based company had a net loss of $434.4 million, or $2.49 a share, compared to a loss of $1.2 billion, or $6.96 a share, a year ago. Revenue rose to $3.91 billion.
The fourth-quarter results included massive charges, notably $153.1 million, or 87 cents a share, for reorganization costs; depreciation and asset write-offs of $131.4 million, or 75 cents a share, related to a plant closing; and $72.9 million, or 42 cents a share, related to provisions for general and product liability.
The company had delayed fourth-quarter and full-year results because of an accounting investigation, and also restated results for fiscal year 2002 and the first three quarters of 2003.
Analysts expected a loss of 22 cents a share, according to Thomson First Call. Excluding items, Goodyear lost 45 cents a share.
Goodyear said it expects a strong first-quarter performance with operating results up more than 25%.