Goodyear posts profit
AKRON-Goodyear reported net income of $9.3 million on net sales of $3.7 billion in the third quarter ended Sept. 30, despite an economic slowdown that affected most global markets and reduced volumes, the company announced Oct. 25.
Profits fell from the $17 million realized in 2000's third quarter, but sales rose slightly from last year. To combat the negative conditions, Goodyear cut back production; reduced inventory; ``aggressively'' reduced costs; curtailed discretionary expenditures; and pushed for increased sales revenue and margins.
For the nine-month period through September, the company posted sales of $10.7 billion, down about 2 percent from 2000, and a net loss of $29.6 million.
Titan loss at $9.5 million
QUINCY, Ill.-Titan International Inc. posted a net loss of $9.5 million in the third quarter ended Sept. 30, but forecasts recovery in its core markets by the first quarter of 2002 with the return of the union work force at its Des Moines, Iowa, farm tire plant.
Titan posted sales of $100.5 million in the quarter, down 16 percent from last year. Maurice Taylor Jr., Titan president and CEO, said the company reached milestones during the quarter, among them the resolution of the 40-month strike by the United Steelworkers local in Des Moines, and two big military contracts.