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Goodyear Tire & Rubber returns to 4th-quarter profitability, revenue up on higher tire prices
AKRON, Ohio (AP) ' Goodyear Tire & Rubber Co. returned to profitability in its fourth quarter after a big loss a year ago that included hefty costs tied to a plant closing.
The biggest U.S. tire maker cautioned Tuesday that long-term global tire industry growth will be at a slower pace near term than previously predicted due to ongoing economic difficulties in several markets.
Goodyear reported net income of $18 million, or 7 cents per share, for the period ended Dec. 31. That compares with a net loss of $177 million, or 73 cents per share, a year ago.
Revenue increased 12 percent to $5.68 billion from $5.07 billion partly on higher tire prices, but tire unit volumes dropped 5 percent on difficulties in Latin America, Thailand flooding and declining replacement industry volumes in mature markets.
The revenue missed the $5.86 billion analysts expected.
Goodyear is based in Akron, Ohio.