Goodyear Tire & Rubber Co, the largest US tire maker, reported a steeper-than-expected fall in quarterly revenue, hurt by a strong dollar. Sales at the Europe, Middle East and Africa (EMEA) region, the company's second-biggest market, fell nearly 18 percent to $1.33 billion in the third quarter ended September 30.
Total revenue fell 10 percent to $4.18 billion.
The dollar has risen 13 percent in the past 12 months against a basket of currencies, crimping international sales of US companies when they are translated into the dollar.
The company, which gets more than half of its revenue from outside the United States, has been cutting costs to offset the effects of a strong dollar. Selling, general and administrative costs fell 3 percent to $633 million in the third quarter.
Net income rose to $271 million, or 99 cents per share, from $161 million, or 58 cents per share, a year earlier.
Analysts on average had expected the company to earn 97 cents on revenue of $4.22 billion, according to Thomson Reuters I/B/E/S.
The company's shares fell about 1.6 percent to $32.88 in premarket trading on Thursday. Up to Wednesday's close, shares had risen nearly 17 percent this year.
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