Goodyear Losses Ahead of Analysts’ Predictions
Goodyear Tire & Rubber Company has reported first quarter 2009 sales of $3.5 billion, down from record sales of $4.9 billion in first quarter of 2008.
However, Goodyear only reported net losses of $333 million, compared with Goodyear net income of $147 million (60 cents per share) in the 2008 quarter. While obvious significant the losses certainly weren’t as bad as they could have been for two reasons. Firstly, they were, according to financial news sources, ahead of mainstream analysts’ opinions; and secondly because the total losses are roughly equal to the increases in raw material costs the company experienced in the first quarter ($332 million, up 31 per cent).