AKRON (June 16, 2004) — Goodyear delayed reporting its financial results once again as it provided only estimates of its first quarter results and cancelled its conference call today with investors. However, the company said it expects to report a loss of $75 million to $85 million for the quarter.
The Akron-based tire maker anticipates finishing the results by the June 30 deadline from its creditors. Goodyear said the delay was “a result of the company's need for additional time to complete its financial statements for the first quarter.”
Goodyear said it expects to report record sales for the quarter of about $4.3 billion, up from $3.5 billion in the first quarter of 2003. Segment operating results also should improve in six of seven business units, including North American Tire (NAT). In 2003's fourth quarter, NAT's operating loss was $15.6 million, a 67.8-percent improvement from the year before. The company said in its 2003 results that it expected Asia would be the unimproved business.
The first quarter also will include rationalization charges of about $20 million and income tax of about $55 million.
Goodyear had delayed the first quarter results last month in order to finish its 2003 annual results, which themselves had been delayed. An overseas investigation into improper accounting issues was the main culprit for the delay for 2003 results.