First quarter loss for Goodyear

Goodyear Tire & Rubber has posted a first quarter 2003 net loss of $163.3 million, compared to a 1Q loss last year of $63.2 million.

Turnover for the period was up 7.1 per cent to $3.5 billion ($3.

3 bn 1Q 2002), but much of this was due to the effect of currency translation – estimated by the company to be $139 million. Tyre unit volume in 1Q was down at 52.6 million units, compared with 53 million in 1Q last year.

The loss before taxes was $135 million ($85.6 m 1Q 2002).The international tyre businesses generally performed well, but Goodyear continued to struggle with its tyre business in North America.

Robert Keegan, President and CEO, was optimistic, however, saying that Goodyear was “aggressively cutting costs to make the business competitive.” He added: “We have much work left to do, but our turnaround is on track”. .