Mexican Media Brands
Goodyear Issues Third Profit Warning
Goodyear Tire & Rubber Co. has lowered its guidance for operating income in 2018 to slightly below $1.3 billion.
#economics
Share
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.
RELATED CONTENT
-
MTU Research to Boost Fuel Economy ~20%
Researchers are using V2X communications and other methods to provide vehicles with a significant increase in fuel economy.
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.