AKRON — Goodyear posted operating and net losses of more than $1 billion in fiscal 2020 on 16.4% lower sales, but said its fourth quarter results were strong at the end of a challenging year.
The Akron-based company's operating and net losses hit $1.14 billion and $1.25 billion, respectively, on revenue of $12.3 billion.This compares with a loss of $311 million on revenue of $14.8 billion in 2019.
Fourth quarter results show a profit of $63 million on revenue of $3.66 billion. That compares with a loss of $392 million on revenue of $3.71 billion during the fourth quarter of 2019.
"We delivered strong performance to end a challenging year," CEO Richard Kramer said. "With a determination to win with our products in the marketplace and a relentless focus on cost and cash, we finished the year on a high note."