AKRON (Feb. 8, 2002)—Goodyear had a net loss of $174 million, or $1.07 per share, for the fourth quarter ended Dec. 31, 2002, the Akron-based tire maker announced Feb. 8.
The result was a 41.4-percent increase from the like period of 2000, when the company posted a net loss of $102 million. Net sales for the quarter were $3.47 billion, down 1.5 percent from $3.53 billion in 2000.
For the year, the firm reported a net loss of $203.6 million, or $1.27 per share, compared to net income of $40.3 million in 2000. Net sales for 2001 were $14.1 billion, down 1.9 percent from $14.4 billion the year before.
Samir G. Gibara, Goodyear chairman and CEO, said the negative results were impacted by depressed economic conditions, continued weak global demand and the costs of reducing production to align inventory levels with demand.