America’s largest tire maker, Goodyear Tire & Rubber Co, said Wednesday it remains the most respected automotive company based on Reputation Institute surveys despite its quarterly losses in the ongoing recessions.
It ranked No. 32 overall and is only tire company rated in the top 153, according to Forbes magazine, measuring the overall respect, trust, esteem, admiration and good feelings consumers hold toward the world's largest companies.
This recognition is particularly meaningful as it is based on surveys with the general public. The consumers who buy our tires and put their trust in Goodyear every day, said Richard J. Kramer, president of Goodyear's North American Tire business. Our strategies are clearly working.
Akron, Ohio-based tire maker shares rose to $1.08 to 10.32 percent at $11.55 in the trading. However, it posted a net loss of $333 million or $1.38 per share, in the first quarter from $147 million or 60 cents per share, a year earlier. And revenue fell to $3.5 billion from $4.9 billion a year ago.
It also increases its cost cut and reduce inventory to $300 million in response to the current economic downturn and by slashing 7 percent of its workforce to 3,800 jobs worldwide in 2009.