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Goodyear Shares Fall Hard on Financial News

(Akron/Tire Review) Investors reacted negatively to Goodyear Tire & Rubber Co.’s pre-2005 financial report, pushing the tiremaker’s shares down some 17% on Jan. 31.

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Goodyear shares dropped $3.12, closing at $15.64, which was its single largest one-day decline since February 2003.

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The decline came just two days before Goodyear kicks off its annual dealer meeting, which will be held in Nashville beginning tomorrow. It is expected that Goodyear will unveil a new high performance tire line during the meeting.

On Monday, Goodyear said that its expected fourth quarter operating profit to be about $238 million, less than the financial community expected, while raw material costs increased more than the tiremaker expected. Further, Goodyear said its preliminary profit figures did not include impact from Hurricanes Katrina and Rita.

Goodyear plans to issue its 2005 financial results on Feb. 16.

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