AKRON—Goodyear suffered a 65.9-percent drop in operating income for the quarter ended June 30 on 8.6-percent lower sales, results that drove the company into the red on a net basis to the tune of $208 million.
Segment operating income fell to $124 million on revenue of $4.87 billion, cutting the operating ratio 4.5 points to 2.5 percent. Goodyear cited the negative effects of lower sales volume and higher expenses for the drop into the red.
Tire unit sales volume fell 10.7 percent in the quarter from a year earlier to 40.8 million units, Goodyear said, with replacement volume down 15.1 percent, which more than offset a 5.4-percent improvement in OE supplies.