Goodyear sees lower sales

Goodyear sees lower sales

NEW YORK (Reuter): Goodyear Tire & Rubber Co, the largest U.S. tire maker, said on Wednesday that third quarter sales in Asia dropped due to currency turmoil but were offset by strong sales in the Americas.

"The third quarter currency turmoil in Southeast Asia was unexpected and disappointing," chief executive Sam Gibara told Reuters in an interview.

He added, however, that the company does "hedge its profits" and saw offsets in other regions, particularly North America and Latin America.

Gibara declined to say whether Goodyear would match Wall Street estimates for the third quarter, only saying that "for 26 consecutive quarters we have reported better results than a year ago."

Goodyear reported a profit of $1.09 per share in last year's third quarter. The First Call consensus analyst estimate for Goodyear's 1997 third quarter earnings is $1.25 per share.