Goodyear net loss grows

AKRON (Nov. 20)—Goodyear recorded a loss of about $105.9 million for the third quarter, compared with net income of $32.7 million for the 2002 period, on a 10.7-percent jump in sales to a record $3.9 billion. Five of the firm's operating business reported income growth for the quarter with its North American Tire unit accounting for a loss of $31.8 million. The company, which said it expects to cut about 1,200 workers next year to go with the 3,700 it has or will lay off this year, cited an after-tax charge of about $46.3 million resulting from staff reductions and manufacturing consolidations in North America and Europe along with an after-tax loss of $6.3 million on the sale of assets in the U.S. Goodyear also maintained that an increase in raw material costs of $96 million and a foreign currency exchange loss of $10.8 million contributed to the negative quarterly results. The firm reported a net loss of $332.4 million, compared to net income of $6.6 million last year, for the first nine months of 2003. Sales rose 8.6 percent to $11.2 billion during the period.