Goodyear gives 3rd qtr. outlook AKRON—Seeking to calm investor worries, Goodyear said Sept. 23 it expects to post third-quarter net income in the range of $100 million to $110 million.
Third quarter 1998 net income totaled $185 million, or $1.17 per share diluted. Goodyear noted that third quarter 1999 net income will include an after-tax gain of about $140 million from the creation of the European joint venture with Sumitomo Rubber Industries Ltd.
The results also will reflect approximately $120 million of after-tax charges for closing facilities, discontinuing some operations, equipment and inventory writeoffs and workforce reduction.
Excluding those items, Goodyear expects third-quarter net income to be $80 million to $90 million.
BFS to increase truck tire prices
NASHVILLE, Tenn.—Bridge-stone/Firestone Inc. plans to raise truck tire prices in the U.S. for its Bridgestone, Firestone and Dayton brands, effective Nov. 1.
Bridgestone truck tire prices will increase 2 percent across all channels of distribution, while the Firestone and Dayton brand prices will rise 1.5 and 2 percent, respectively. The tire maker blamed increasing raw materials costs for the price hikes.
Other U.S. commercial tire manufacturers and importers—including Michelin North America Inc., Goodyear, Continental General Tire Inc., Cooper Tire & Rubber Co, Hankook Tire America Corp. and Kumho Tire U.S.A. Corp.—had no comment on the increase and revealed no imminent plans to raise their truck tire prices.
Calif. bill requires free air for tires
SACRAMENTO, Calif.—Saying she's received many complaints from senior citizens, a 73-year-old California state lawmaker has pushed through a bill requiring the Golden State's service stations to provide free air and water to customers.
Assemblywoman Nell Soto is the author of AB 531, signed into law Sept. 30 by Gov. Gray Davis, according to reports published in The Fresno (Calif.) Bee.
It allows stations to keep using coin-operated air and water equipment, but customers who buy gas will be given tokens to use the machines.
An earlier version of the bill—which was fought by service station owners and the state Chamber of Commerce—had provisions that would have stepped up enforcement of the state's clean restroom laws and required stations to provide free air and water to everyone.
ITRA finalizes its World Expo dates
LOUISVILLE, Ky.—The International Tire and Rubber Association has finalized the dates for its 2000 ITRA & SSDA-AT World Expo in Nashville, Tenn.
Following a scheduling conflict at the Opryland Hotel, where the Expo will be held, the trade show has been rescheduled for next May 1-3 instead of the previously announced May 2-4.
CGT to sponsor awards dinner
CHARLOTTE, N.C.—Continental General Tire Inc. said it will continue to be the primary sponsor of the Specialty Equipment Market Association awards banquet, which is expected to draw thousands of automotive attendees.
The banquet will begin at 6:30 p.m. on Thursday, Nov. 4, at the Las Vegas Hilton with a reception, followed by dinner and entertainment at 7:30 p.m.
Coming next issue: TB's retail rankings
AKRON—North America's 65 largest independent tire dealerships posted a net gain during 1998-99 of nearly 160 stores over the 1997-98 reporting period.
The gain, to more than 3,950 outlets, would have been considerably greater except for the closing early this year of 133 Penske Auto Centers.
This data and other interesting facts will be featured in Tire Business' annual rankings of North American independent retail dealerships, to be published Oct. 25.
The issue also will be distributed at the International Tire Expo/Specialty Equipment Market show, Nov. 2-5 in Las Vegas.