The Goodyear Tire & Rubber Co. today reported a net loss of $73.6 million for the second quarter, compared with net income of $28.9 million in the same period last year.
The single most important factor in the deterioration of operating performance was an increase in raw material costs of approximately $124 million, offset in part by cost reduction actions, improved price and mix and an estimated currency translation benefit of approximately $9 million, Goodyear said.
The company reported second quarter sales of $3.8 billion for 2003, up 8% from $3.5 billion during the prior-year period.
"We are disappointed in our financial results for the second quarter, but we are encouraged by the numerous positive trends in our company and we are optimistic about our turnaround," said chairman & CEO Robert J. Keegan.
