Firestone Income Drops Sharply in Third Quarter

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.