Goodyear Shares Fall Hard on Financial News - Tire Review Magazine

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.

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.

You May Also Like

Goodyear Announces Cost Savings Actions

Goodyear said its Q4 results fell short of expectations given a significantly weaker industry backdrop.

Goodyear-HQ-Akron-Innovation-Center

The Goodyear Tire & Rubber Company announced cost savings actions in response to a challenging industry environment and cost pressure driven by inflation. Planned rationalization and workforce reorganization would result in an approximately 5% reduction in salaried staff globally or about 500 positions, the company said.

“Our fourth quarter results fell short of our expectations given a significantly weaker industry backdrop, particularly in Europe,” said Richard J. Kramer, chairman, chief executive officer and president. “While our businesses have performed at a high level through the volatility of the past several years, the uncertain near-term macroeconomic outlook and continuing impacts of inflation make these difficult actions necessary to position our business for future success.”

Hankook Tire Signs Multi-Year Partnership with Lamborghini

Hankook Tire will be the exclusive tire and technical partner for the 2023 Lamborghini Super Trofeo series.

Bridgestone Provides A/T, Winter Tires for Lamborghini Huracán Sterrato

Bridgestone said the tire is the world’s first-ever supercar all-terrain tire to feature run-flat technology.

Bridgestone-lambo-fitment
Complete Tire Repair Packages Build Customer Trust

Tire dealers know that offering a complete lineup of tire services can keep customers from seeking repairs elsewhere and add to the bottom line.

Off-Road Racer Jim Horne Joins Team Hercules

As a member of Team Hercules, Jim Horne will represent the brand as ambassadors at competitions and dealer and consumer events.

Other Posts

Maxam Tire Adds Two Sizes to MS405 Series

The Maxam MS405’s new sizes fit for loaders and dump trucks provide the OTR industry with more options.

Firestone Airide Tennessee Plant Recognized for Safety

This is the facility’s fourth STAR award, reflecting the company’s and
teammates’ commitment to a safe and healthy work environment.

Atturo Tire Offers Trail Hazard Protection for SXS and UTV Tires

The new program covers hazards encountered by riders on- and off-road at no additional charge.

Top Shops: Opportunities & Challenges in Today’s Tire Industry

What is one thing that scares you and one thing that excites you about the tire industry?

Tire Review Top Shop 2023 opportunities