Goodyear posts net loss on charges

Fri Apr 27, 2012 7:01am EDT

(Reuters) - Goodyear Tire & Rubber Co GT.N posted a quarterly net loss due to charges from early debt repayment and forecast a fall in full-year sales volume.

The company expects its full-year tire unit volume to fall 2 percent after first-quarter tire volumes declined at a higher-than-expected rate of 8 percent to totaled 43 million units.

Sales volume fell across the globe as the company focused on selling higher-priced premium tires amid increasing raw material costs.

The tire maker posted a first-quarter net loss of $11 million, or 5 cents per share, compared with a net income of $103 million, or 42 cents per share.

The results include charges of 42 cents per share and a gain of 3 cents per share, Goodyear said in a statement.

Sales rose 2 percent to $5.53 billion, below analysts' expectations of $5.83 billion.

Revenue per tire jumped up 16 percent.

Shares of the company closed at $11.93 on Thursday on the New York Stock Exchange.

(Reporting by A. Ananthalakshmi in Bangalore; Editing by Gopakumar Warrier)

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