UPDATE 1-Lower chemical sales deflate Goodyear's revenue
Oct 29 (Reuters) - Goodyear Tire & Rubber Co, the biggest U.S. tire maker, reported a 5 percent fall in quarterly revenue due to lower sales of its tire-related chemicals in North America, sending its shares down 3 percent premarket.
The company, whose products include tire retreading materials, said revenue also took a hit because it sold more lower-priced tires in North America.
Revenue from North America, which accounts for more than half of Goodyear's sales, fell 9 percent in the third quarter ended Sept. 30. Total revenue fell to $5.00 billion from $5.26 billion a year earlier.
Net income available to common shareholders rose to $166 million, or 62 cents per share, from $110 million, or 41 cents per share.
Goodyear shares were down at $21.32 before the bell. They had doubled in the 12 months to Monday's close, outperforming the S&P 500 index.