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Europe’s woes hurt tire maker

Goodyear said economic problems in Europe offset cost cuts and profits in North America.

John Harrelson/Getty Images

Goodyear said economic problems in Europe offset cost cuts and profits in North America.

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Shares of Goodyear Tire & Rubber Co. went flat as the Akron, Ohio, company’s third-quarter net income and revenue dropped on lower tire sales in Europe. The company’s results fell short of estimates as problems in Europe offset cost cuts and profits in North America. Executives said additional cuts are coming because of economic uncertainty. Goodyear reported net income of $110 million, or 41 cents per share, down from $161 million, or 60 cents, a year earlier. Revenue fell 13 percent as the slowing European economy cut tire sales. Analysts expected $5.87 billion.

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