graphic
News > Companies
Goodyear 3Q out of air
September 29, 1998: 9:52 a.m. ET

Tire maker says emerging markets, GM strikes to take chunk out of earnings
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - Goodyear Tire & Rubber Co. said Tuesday its third-quarter earnings will fall short of Wall Street expectations.
     The Akron, Ohio-based tire maker said adverse economic conditions in Asia and Latin America and a strong dollar will take a chunk out of its third-quarter profits.
     Goodyear said those factors, as well as one-time costs related to the continued effect of two strikes at General Motors Corp., and costs to convert certain North American plants to seven-day operations and to address Year 2000 compliance issues, will lower third-quarter earnings by approximately 35 cents a share.
     The company said it expects to report third-quarter diluted earnings in the $1.15- to $1.20-a-share range, off First Call estimates of $1.22 a share for the quarter. Goodyear added its third-quarter results include a 20-cents-a-share gain from property sales.
     Goodyear also said the adverse conditions will result in the elimination of 800 jobs, which the company had previously announced. Those cuts represent almost 1 percent of Goodyear's 95,000 employees worldwide.
     A Goodyear spokeswoman said the company won't provide details about the costs and job cuts until it reports third-quarter results Oct. 14.
     Goodyear (GT) shares were off 1-3/8 at 54-3/8 in early trading. Back to top

  RELATED STORIES

Goodyear 2Q hurt by GM - July 16, 1998

Goodyear profits inflate - April 15, 1998

  RELATED SITES

Goodyear


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic


Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.