News Summary: Goodyear shares fall on 3Q results
By: The Associated Press
FLAT TIRES: Goodyear Tire & Rubber Co. reported its third-quarter net income fell 32 percent to $110 million, or 41 cents per share, while revenue dropped 13 percent to $5.26 billion.
THE REASON: The Akron, Ohio-based company said the declines were due largely to falling tire demand in Europe that offset cost cuts and profits from North America.
THE OUTLOOK: Goodyear said it would make more cost cuts to deal with a deteriorating economy, especially in Europe. The company gave few specifics but said it had plans to adjust manufacturing to worsening tire demand in Europe.
FLAT TIRES: Goodyear Tire& Rubber Co. reported its third-quarter net income fell 32 percent to $110 million, or 41 cents per share, while revenue dropped 13 percent to $5.26 billion. THE REASON: The Akron, Ohio- based company said the declines were due largely to falling tire demand in Europe that offset cost cuts and profits from North America.