Goodyear posts 1Q loss of $58M

Published on NewsOK Modified: April 29, 2014 at 9:06 am •  Published: April 29, 2014
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AKRON, Ohio (AP) — Goodyear reported a $58 million loss for the first quarter largely due to Venezuelan currency charges.

The loss was compounded by the extreme winter weather across the U.S. that hurt tire sales, the company said.

The Akron, Ohio, tire maker's losses added up to 23 cents per share, in the three months ended March 31. It made $26 million, or 10 cents per share, in the same quarter a year ago.

After one-time charges, including $132 million in charges related to the situation in Venezuela, Goodyear earned 56 cents per share.

Its adjusted earnings still were below Wall Street estimates, and Goodyear shares fell 5 percent, to $25.94 in early trading Tuesday.

Analysts surveyed by FactSet had expected 60 cents per share for the quarter.

Revenue dropped 8 percent to $4.47 billion from $4.85 billion, just short of projections for revenue of $4.81 billion according to FactSet.

"We delivered solid performance in our developed markets, led by North America, which reported a 23 percent increase in earnings. Growth in North America and Europe offset headwinds in emerging markets where we continue to navigate foreign currency and economic challenges," said Chairman and CEO Richard Kramer.

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