In Brief : Goodyear Expects Drop in Earnings
AKRON — Goodyear Tire and Rubber Co. said today that its fourth-quarter earnings will drop about 53% from the previous year’s $119.4 million total because of soft conditions in the tire market.
Shares of the company, based in Akron, Ohio, dropped $2.375 on the news, trading at $50.75 this morning.
Goodyear’s per-share earnings for the quarter are expected to fall from previous estimates of $1.72 to $1.83, the company said. Analysts pared their full-year earnings estimates on the news, revising their forecasts to $6.55 a share from about $6.85.
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