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Goodyear Cutting Nearly 5,000 Jobs After 4th-Quarter Loss

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The Associated Press

Published: February 18, 2009

CLEVELAND - Goodyear Tire & Rubber Co., the biggest U.S. tire maker, plans to cut 5,000 jobs this year after posting a fourth-quarter loss of $330 million and a 21 percent decline in sales.

The cuts equal almost 7 percent of the Akron, Ohio-based company's work force and follow about 4,000 jobs it eliminated in the second half of last year.

Goodyear's loss amounted to $1.37 per share, or $1.18 per share excluding one-time charges or gains. Wall Street anticipated a loss of $1.03 cents per share on that basis, according the a Thomson Reuters analysts survey.

Sales dipped to $4.1 billion from $5.2 billion a year earlier.

The economy pushed down the number of tires sold by 19 percent in the quarter, the company said Wednesday.

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