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.

Published: February 1, 2006

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

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.

MatraX Tyres on navigating the diverse needs of the U.S. marketplace

We talk about how MatraX Tyres is adapting its products for U.S. customers and the challenges associated with U.S. distribution.

By David Sickels

David Sickels is the Editor of Tire Review. He has a history of working in the media, marketing and automotive industries in both print and online.

Published: April 16, 2024

Launching a brand in a new market is never easy... even if that brand has nearly 60 years of established history behind it. This is the case with MatraX Tyres, which has roots stemming back to 1965 in Portugal. Now, the company is expanding into the U.S. with passenger car tires, with plans to add more tire lines soon.