(RTTNews) - Goodyear Tire & Rubber Co. (GT) on Wednesday posted a loss for the second quarter hurt largely by lower revenues reflecting lower tire volumes.
The tire maker posted a second-quarter net loss of $204 million, or $0.71 per share, compared with net income of $254 million, or $0.87 per share, in the prior-year quarter. Adjusted net loss was $177 million, or $0.61 per share, versus an adjusted loss of $48 million, or $0.17 per share, a year ago.
Net sales declined 4.8% to $4.25 billion from $4.47 billion last year. Tire unit volume fell 4.0% to 36.5 million units, while organic net sales decreased 1.4% due to lower volumes.
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