Business

Goodyear Tire 3Q net income falls 32 percent

Posted October 26, 2012 6:33 am

Associated Press

AKRON, Ohio — Goodyear Tire says its third-quarter net income fell by nearly one third as lower tire sales in Europe offset cost savings.

The company’s results came in below Wall Street predictions. And Goodyear says it will make more cost cuts because of economic uncertainty.

Its shares fell 2.4 percent to $12 per share in premarket trading.

The Akron, Ohio-based company reported net income of $110 million, or 41 cents per share, for the three months ended Sept. 30. That’s down from $161 million, or 60 cents per share, a year earlier.

Excluding one-time items the company earned 53 cents per share. Analysts polled by FactSet expected 59 cents per share.

Goodyear’s revenue fell 13 percent to $5.26 billion as the slowing European economy cut tire sales. Analysts expected $5.87 billion.

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