Goodyear Tire and Rubber took a US$132m foreign exchange hit in Q1 2014 as the Venezuelan bolivar tumbled. That and other challenges in South America led the company to report a net loss of US$58m for the quarter.

Nevertheless, operating income grew 24% to US$373m and the company is sticking by its forecast of year-on-year growth of between 2-3% during 2014-16.

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“Our strategy is working and continues to deliver sustainable results,” said chairman and CEO Richard Kramer.

“Despite the Venezuelan charge in the quarter, our operating results remained strong and in line with our expectations and we are reaffirming our 2014-2016 financial targets,” he added.

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