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Goodyear profit drops 59 pct on higher raw material costs
October 27, 2017 / 11:46 AM / 22 days ago

Goodyear profit drops 59 pct on higher raw material costs

Oct 27 (Reuters) - Goodyear Tire & Rubber Co, the largest U.S. tire maker, reported a 59 percent drop in third-quarter profit, partly due to higher raw material costs.

Net income fell to $129 million, or 50 cents per share, in the quarter ended Sept. 30, from $317 million, or $1.19 per share, a year earlier.

The company said it incurred about $12 million in hurricane-related costs in the quarter.

On an adjusted basis, Goodyear earned 70 cents a share.

Revenue rose 1.9 percent to $3.92 billion. (Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D‘Souza)

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