Goodyear Tire and Rubber Co. on Wednesday reported a net fourth-quarter loss of $104 million in 2022. Sales were up 6.3% compared to the fourth quarter of 2021, despite a 3% decline in tire unit sales to 42.5 million.
The Akron tire manufacturer attributed the loss of 37 cents per share to a variety of factors, including inflation, higher U.S. and foreign taxes and higher pension settlement costs. Adjusted for non-recurring costs, earnings were 7 cents per share, the company said.
Revenue, at $5.37 billion, beat the forecasts of some analysts. Zacks Investment Research had forecast revenue of $5.29 billion.
Results reported were for the quarter ending Dec. 31. On Jan. 27, the company announced the elimination of about 500 salaried positions across its global operations in a cost-cutting move.
