Connect with us

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.

Advertisement

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

Advertisement
Click Here to Read More
Advertisement

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.

Advertisement
Click to comment

POPULAR POSTS

Changing TPMS Sensor Batteries

Bushing Testing: How to Tell When a Bushing is Bad

Brake Rotors: When To Resurface And When To Replace

Back to Basics: Step-by-Step Tire/Wheel Balancing

Connect