AKRON, Ohio (AP) — The Goodyear Tire & Rubber Co. said Wednesday it had a narrower loss in the fourth quarter of 2003 than a year earlier in a financial report delayed by two months while it investigated accounting irregularities at its European operations.
The world's largest tiremaker said it lost $434.4 million, or $2.49 a share, in the last three months of 2003 versus a loss of $1.19 billion, or $6.96 a share, in the same period in 2002.
The company said its latest results were helped by increased sales and fewer charges against earnings.
Sales increased 11.6 percent to $3.91 billion, up from $3.51 billion in the 2002 quarter.
All seven of Goodyear's businesses reported improved operating results during the quarter, including North American Tire, said Robert J. Keegan, chairman and chief executive officer.
The North American Tire segment's operating loss in the fourth quarter was $15.6 million, compared with a $48.5 million loss the same period a year ago. Total segments operating income in the fourth quarter more than doubled to $172.8 million from $79.4 million in 2002.
"It appears price increases are being accepted in our markets," Keegan said in a conference call with analysts.
Goodyear shares rose 40 cents, or 5 percent, to close at $8.56 on the New York Stock Exchange.