|
Goodyear warns on 3Q
|
 |
September 26, 2001: 8:43 a.m. ET
Tire maker says terror attacks hurt already weak demand; will miss forecasts
|
NEW YORK (CNNfn) - Goodyear Tire & Rubber Co. slashed its earnings forecast for the third quarter, saying sluggish demand for its tires has been further weakened by the Sept. 11 attacks on New York and Washington.
The world's biggest tire maker said it expects third-quarter earnings to roughly equal the second-quarter's 5 cents a share. Analysts surveyed by earnings tracker First Call had expected Goodyear to earn 22 cents a share.
"Our business, like many, saw an abrupt decline in demand after the attack," CEO Sam Gibara said in a statement. "As a substantial portion of our third quarter volume is shipped in September, our volumes will not be as strong as originally planned."
Gibara also said Goodyear had a "weakened outlook" for the fourth quarter, but did not forecast earnings per share for the quarter.
Akron, Ohio-based Goodyear also said it had cut production in August and planned further cuts in September, but it didn't say if such cuts would involve job cuts.
Goodyear (GT: Research, Estimates) shares closed Tuesday up 10 cents at $18.40. 
|
|
|
|
|
|
Goodyear
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
