AKRON (Oct. 25, 2001)—Goodyear reported a 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 today.
Goodyear's posted income was down from the $17 million realized in 2000's third quarter, but sales were up 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, the Akron tire maker said.
Earlier this month, the firm announced it was laying off 1,400 workers at five U.S. tire plants. 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.
The loss figure is based primarily on the first quarter, when Goodyear posted a net loss of $46.7 million.