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Goodyear Issues Third Profit Warning
Goodyear Tire & Rubber Co. has lowered its guidance for operating income in 2018 to slightly below $1.3 billion.
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Goodyear Tire & Rubber Co. has lowered its guidance for operating income in 2018 to slightly below $1.3 billion.
It was the third downward adjustment for the Akron, Ohio-based tiremaker. The company originally predicted last year’s operating income would be between $1.8 billion and $1.9 billion. It lowered that guidance to about $1.5 billion in July and to $1.3 billion in October.
Goodyear blames its deteriorating performance on slumping new-car sales in China and India, weak demand for winter tires in Europe and supply constraints in the U.S.
The latest forecast sent Goodyear’s stock price plunging to its lowest level since August 2011. The company’s shares lost 37% of their value last year.
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