AKRON, Ohio (AP) — Goodyear posted a first-quarter loss of $58 million as it navigated a volatile
situation in Venezuela.
The
tire company’s loss amounted to 23 cents per share, compared with a
profit of $26 million, or 10 cents per share, in the year-ago period.
Excluding
one-time items, including $132 million in charges related to the
Venezuelan currency, the company turned in a profit of 56 cents per
share, which was still 4 cents short of Wall Street expectations.
Revenue
fell 8 percent to $4.47 billion from $4.85 billion, just shy of
projections for revenue of $4.81 billion according to a poll by FactSet.
Shares of Goodyear Tire & Rubber Co., based in Akron, dropped 7 percent, to $25.27 in premarket
trading.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
AKRON, Ohio (AP) — Goodyear posted a first-quarter loss of $58 million as it navigated a volatile
situation in Venezuela.
The
tire company’s loss amounted to 23 cents per share, compared with a
profit of $26 million, or 10 cents per share, in the year-ago period.
Excluding
one-time items, including $132 million in charges related to the
Venezuelan currency, the company turned in a profit of 56 cents per
share, which was still 4 cents short of Wall Street expectations.
Revenue
fell 8 percent to $4.47 billion from $4.85 billion, just shy of
projections for revenue of $4.81 billion according to a poll by FactSet.
Shares of Goodyear Tire & Rubber Co., based in Akron, dropped 7 percent, to $25.27 in premarket
trading.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.