Goodyear posts net loss on charges
(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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