AKRON, Ohio (AP) – The Goodyear Tire & Rubber Co. (GT) on Tuesday reported a fourth-quarter loss of $392 million, after reporting a profit in the same period a year earlier.
The Akron, Ohio based company said it had a loss of $1.68 per share. Earnings, adjusted for non-recurring costs, came to 19 cents per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.
The tire maker posted revenue of $3.71 billion in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $3.8 billion.
Goodyear shares have fallen 15% since the beginning of the year, while the Standard & Poor’s 500 index has risen roughly 4%. The stock has dropped 29% in the last 12 months.