CLEVELAND: Goodyear Tire & Rubber Co., the biggest US tire maker, plans to cut 5,000 jobs this year after posting a fourth-quarter loss of $330 million and a 21 per cent decline in sales.
The cuts equal almost 7 per cent of the Akron, Ohio-based company's work force and follow about 4,000 jobs it eliminated in the second half of last year.
Goodyear's loss amounted to $1.37 per share, or $1.18 per share excluding one-time charges or gains. Wall Street anticipated a loss of $1.03 cents per share on that basis, according to the Thomson Reuters analysts survey.
Sales dipped to $4.1 billion from $5.2 billion a year earlier. The economy pushed down the number of tires sold by 19 per cent in the quarter, the company said on Wednesday.
Soruce: http://timesofindia.indiatimes.com
The cuts equal almost 7 per cent of the Akron, Ohio-based company's work force and follow about 4,000 jobs it eliminated in the second half of last year.
Goodyear's loss amounted to $1.37 per share, or $1.18 per share excluding one-time charges or gains. Wall Street anticipated a loss of $1.03 cents per share on that basis, according to the Thomson Reuters analysts survey.
Sales dipped to $4.1 billion from $5.2 billion a year earlier. The economy pushed down the number of tires sold by 19 per cent in the quarter, the company said on Wednesday.
Soruce: http://timesofindia.indiatimes.com
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