Firestone Income Drops Sharply in Third Quarter
- Share via
Firestone Tire & Rubber Co. reported net income of $13 million for its fiscal third quarter, a sharp drop from the $48 million recorded in the third quarter of 1984.
Revenue fell to $994 million from $1.03 billion for the like period a year earlier.
The company blamed the profit decrease largely on a $20-million drop in income from continuing operations. The company reported operating income of $9 million in the third quarter, which ended July 31, compared to $29 million last year. For the first nine months, net income was $50 million, compared to $85 million a year ago.
Year-to-date revenue fell to $2.83 billion from $2.96 billion.
This year’s third quarter included an $11-million loss in operating income from tire-related original equipment and wholesale activities.
The company said that, in last year’s third quarter, the company had gained $11 million from the sale of its Brazilian rubber plantation.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
