Goodyear reports net loss in third quarter

AKRON (Oct. 24)—Goodyear lost $6.6 million in the quarter ended Sept. 30, the Akron tire maker said Oct. 24. Net income in 1999´s third quarter was $109.1 million. The results reflect rapidly increasing raw material and energy costs; incremental costs in manufacturing restructuring in Europe; the weakness of the euro against the U.S. dollar; competitive global markets; and reduced North American original equipment tire shipments caused by production cutbacks among automobile and commercial truck manufacturers, Goodyear said. Net sales in the third quarter amounted to $3.48 billion, up 5.9 percent from 1999. For 2000´s first nine months, Goodyear reported net profits of $116.7 million on sales of $10.5 billion, compared to $200.3 million earnings on sales of $9.33 billion last year.