Goodyear has reported a $US58 million ($A62 million) loss for the first quarter largely due to Venezuelan currency charges.
The loss was compounded by the extreme winter weather across the US that hurt tyre sales, the company said on Tuesday.
The Akron, Ohio, tyre maker’s losses added up to 23 cents per share, in the three months ended March 31.
It made $US26 million, or 10 cents per share, in the same quarter a year ago.
After one-time charges, including $US132 million in charges related to the situation in Venezuela, Goodyear earned 56 cents per share.
Its adjusted earnings still were below Wall Street estimates, and Goodyear shares fell five per cent, to $US25.94 in early trading on Tuesday.
Analysts surveyed by FactSet had expected 60 cents per share for the quarter.
Revenue dropped eight per cent to $US4.47 billion from $US4.85 billion, just short of projections for revenue of $US4.81 billion according to FactSet.
“We delivered solid performance in our developed markets, led by North America, which reported a 23 per cent increase in earnings,” Chairman and CEO Richard Kramer said.
“Growth in North America and Europe offset headwinds in emerging markets where we continue to navigate foreign currency and economic challenges.”
Revenue in North America fell 13 per cent to $US1.9 billion for the quarter despite a 23 per cent jump in earnings, to $US156 million.
The overall number of tyres sold in North America edged lower to 14.6 million, from 14.8 million, because of the rough winter, the company said.
Kramer said the company remains confident in its full-year outlook despite labour and economic trouble in Venezuela.
The company expects two per cent to three per cent in volume growth for the year.
Shares of Goodyear Tire & Rubber Co have been on a steady rise over the past year and hit a 52-week high of $US28.48 last week amid declining raw material prices.