Shares in Goodyear sold off Thursday after the Akron tire maker reported a fourth-quarter loss.

Goodyear Tire & Rubber Co. also finished fiscal 2017 with higher revenue but significantly lower net income than in 2016.

Goodyear lost $96 million, or 39 cents per share, on revenue of $4.07 billion for the fourth quarter ending Dec. 31. That compares to net income of $561 million, or $2.14 a share on revenue of $3.7 billion a year ago.

The fourth-quarter loss was largely attributable to a one-time $299 million noncash charge related to U.S. tax reform, the company said.

Goodyear had adjusted earnings per share of 99 cents compared to adjusted earnings of 95 cents a year ago.

For 2017, Goodyear had net income of $346 million, or $1.37 per share, on revenue of $15.4 billion. That’s 72.5 percent less than net income of $1.26 billion, or $4.74 a share, on revenue of $15.16 billion the company had in 2016. Full-year tire sales totaled 159.2 million, down 4 percent from 2016.

Shares fell even as Goodyear’s fourth-quarter earnings and revenue beat analyst expectations.

Goodyear reported its results before the stock market opened. Shares closed down $2.72 Thursday at $30.75, a 8.1 percent decline. The broader stock market also experienced a significant selloff Thursday.

Tire sales for the quarter totaled 42 million, up 2 percent from 2016. Replacement tire shipments were up 3 percent while original equipment tire volume was down 1 percent.

“Our fourth-quarter results were highlighted by our performance in the 17-inch-and-larger segment in consumer replacement, which delivered nearly double the industry growth in the U.S. and Europe,” Richard J. Kramer, chairman, chief executive officer and president, said in a news release. “Our strong volume recovery in the quarter gives us positive momentum as we head into 2018.”

Goodyear had 2017 segment operating income of $1.5 billion, down 23 percent from nearly $2 billion for 2016.

Goodyear said it experienced challenging global industry conditions in 2017 that included higher raw material costs, increased competition and weakening demand for original equipment and consumer replacement tires in the United States and Europe.

Full-year 2018 segment operating income is expected to range between $1.8 billion and $1.9 billion, Goodyear said. The company said it expects tire sales to rise 3 percent for the year.

The company also is “highly confident” it will have at least $2 billion of segment operating income in 2020, Kramer said. Segment operating income for 2020 could go as high as $2.4 billion with favorable market conditions and hard work on Goodyear’s part, Kramer said.

Laura Thompson, Goodyear’s chief financial officer, told industry analysts in a conference call that Goodyear’s projections do not contemplate a recession in the company’s key markets.

Goodyear expects strong demand over the next several years for replacement tires, Kramer said.

Goodyear’s introduction of the Assurance WeatherReady tire line in 2017 was the company’s most successful premium tire launch ever, he said.

Kramer said as he looks to 2020, he is confident Goodyear’s will execute its long-term strategy of profitable growth in key market segments and significantly grow earnings.

Reporter Jim Mackinnon covers business and county government. He can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com. Follow him @JimMackinnonABJ on Twitter or www.facebook.com/JimMackinnonABJ