Bigger-Than-Expected Loss For Goodyear

Goodyear has reported a first quarter loss of $63.2 million; larger than many analysts expected. The biggest regional operating loss was $51.

3 m, incurred by the North American Tyre operation. Europe was profitable with operating profits of $16.6 m (Q1 2001 $31.

4m), as was Asia. Sam Gibara declared himself “disappointed” by the figures, but he expected the company to “make progress in the second quarter”. The loss was blamed on production cuts, currency levels and the return of stock worth $10 m when the Penske Automotive Center chain closed.

Despite the figures, Goodyear’s shares rose 3.6 per cent on expectations of profitability in the second quarter..