Goodyear posts 1Q loss of $58M
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.