This Tuesday, Oct. 23, 2012, photo, shows a Ford Explorer with Goodyear tires in Jackson, Miss. Goodyear Tire & Rubber Co. said Friday, Oct. 26, 2012 that its third-quarter net income fell by nearly one-third as lower tire sales in Europe offset cost savings and higher North American profits. The company’s results fell short of Wall Street expectations, and it said in a statement that more cost cuts are coming because of economic uncertainty. (AP Photo/Rogelio V. Solis)
DETROIT (AP) — Shares of Goodyear Tire & Rubber Co. fell more than 10 percent on Friday as the company’s third-quarter net income and revenue dropped on lower tire sales in Europe.
The Akron, Ohio, company’s results fell short of Wall Street’s expectations as problems in Europe offset cost cuts and profits in North America. Its executives said additional cuts are coming because of economic uncertainty.
Goodyear’s numbers highlight a problem that is plaguing many global companies in auto-related businesses. Profits in North America are being offset by falling earnings in Europe as the region’s economy continues to unravel on Login to read more