Goodyear's loss grows

AKRON (April 30)—Goodyear recorded a net loss of $163.3 million in the first quarter, more than double the net loss of $63.2 million in last year's first period, on sales of $3.5 billion, up 7.1 percent from last year. The firm's North American Tire business, with sales down 5.2 percent from 2002's first quarter, accounted for most of the loss, primarily because of charges related to rationalization and increased taxes, according to the company. The firm had after-tax rationalization charges of $65.2 million as a result of retail and administration consolidations in North America, Europe and Latin America. Five of Goodyear's six other businesses recorded sales increases and all six posted year-over-year improvements in segment operating income and profit margin.