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Goodyear 1Q beats Street
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April 24, 2001: 8:50 a.m. ET
Tire company hurt by slowdown in sales, but loss narrower than expected
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NEW YORK (CNNfn) - Goodyear Tire & Rubber Co. reported a first-quarter loss Tuesday that was narrower than Wall Street expectations as slowing sales were offset by measures to cut costs and inventory.
Goodyear, the world's largest tire maker, reported a loss, excluding one-time items, of $3.5 million, or 2 cents a share, compared with earnings in the year-earlier period of $48.2 million, or 30 cents a share.
Wall Street analysts expected Goodyear to lose 8 cents a share, according to earnings tracker First Call.
Goodyear's global sales fell to $3.4 billion from $3.7 billion.
"The continued decline in orders for tires and engineered products by auto and truck manufacturers in North America had a substantial impact on our results," Chairman and CEO Samir G. Gibara said.
Gibara said the company cut its production during the quarter and should have inventories in line with projected sales by the end of June.
Akron, Ohio-based Goodyear also said it raised prices to offset higher raw material costs, and is in the middle of an ongoing restructuring process involving cutting more than 7,800 jobs.
Goodyear (GT: Research, Estimates) shares closed Monday down 60 cents to $24.58. They have a 52-week range of $15.60 to $31.62. 
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