Third Quarter Loss For Goodyear
Goodyear reported a net loss for the third quarter of $6.6 million and a net income of $109.1 m (Q3 1999: $3.3 bn). High raw material and energy costs were contributory factors. World-wide Q3 sales were $3.5 bn and sales for the first nine months of the year were $10.5 bn (1999: $9.3 bn). Before these figures were revealed, analysts – following a statement towards the end of September by Samir Gibara, describing a “difficult outlook” for the tyre industry – had widely expected Goodyear to break even at best.