Skip to main content
Sister Publication Links
  • Rubber News
  • European Rubber Journal
Subscribe
  • Login
  • Register
  • Subscribe
  • Current Issue
  • Mid-Year Report
  • ADAS
  • News
    • OPINION
    • BUSINESS/FINANCIAL
    • COMMERCIAL TIRE
    • GOVERNMENT & LAW
    • Humanitarian Award
    • RETAIL TIRES
    • SERVICE ZONE
    • TIRE MAKERS
    • Best Places to Work
    • RUSSIA WAR IN UKRAINE
  • Data
    • DATA STORE
  • Custom
    • SPONSORED CONTENT
  • Resources
    • Events
    • DIRECTORY
    • CLASSIFIEDS
    • SHOP FLOOR
    • AWARDS
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
    • RUBBER NEWS EVENTS
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Best Places to Work
  • ADVERTISE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
February 23, 2005 01:00 AM

Goodyear expects profit in fourth quarter

Tire Business Staff
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    AKRON (Feb. 23, 2005) — Goodyear expects all seven of its business units to report positive segment operating income for 2004's fourth quarter with overall quarterly income for the tire maker of about 55 to 65 cents per share plus sales of about $4.8 billion.

    North American Tire (NAT)—Goodyear's largest business unit and the one that has struggled the most the past few years—is expected to report segment operating results about in line with the third quarter, when the unit posted segment operating income of $13.5 million. A fourth quarter profit would be the unit's third consecutive quarter in the black. But Goodyear did not say whether NAT would be profitable for the full year.

    Among its other business units, Goodyear said segment operating income is expected to double in the European Union, rise about 50 percent in Latin America and increase about 15 percent in Chemical Products. The remaining businesses—Engineered Products, Asia and Eastern Europe, Middle East and Africa—will be about equal to fourth quarter 2003 levels.

    “Our fourth quarter business unit results will reflect the ongoing progress of our turnaround efforts, including the benefits of new product introductions in all of our businesses,” said Robert Keegan, chairman and CEO. “We are building on the momentum of our first nine months of 2004 in which we achieved record sales and segment operating income that more than doubled compared to the previous year.”

    Goodyear added that raw materials prices grew more than expected in the quarter, but they were offset by a variety of factors, including higher selling prices and acceptance of new products.

    Also, Goodyear said it will refinance about $3.3 billion of its credit facilities, including a $1.3 billion asset-based credit facility and $650 million asset-based term loan both due March 31, 2006, and $650 million in credit facilities for the Dunlop Europe affiliate due April 30. Goodyear will replace those lines with $3.35 billion in five-year facilities due in 2010. The tire maker said the new facilities are expected to close in early April and carry lower interest rates than those they replace.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    Most Popular
    1
    Average executive salaries found in Tire Talent report
    2
    Conti rolls out new taglines for Conti, General brands
    3
    Our View: Groups celebrate past by looking to future
    4
    Discount Tire installs RoboTire at Arizona store
    5
    TBC Brands expands Pennsylvania distribution warehouse
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    Reader Services
    • Staff
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Mid-Year Report
    • ADAS
    • News
      • OPINION
      • BUSINESS/FINANCIAL
      • COMMERCIAL TIRE
      • GOVERNMENT & LAW
      • Humanitarian Award
      • RETAIL TIRES
      • SERVICE ZONE
      • TIRE MAKERS
      • Best Places to Work
      • RUSSIA WAR IN UKRAINE
    • Data
      • DATA STORE
    • Custom
      • SPONSORED CONTENT
    • Resources
      • Events
        • ASK THE EXPERT
        • LIVESTREAMS
        • WEBINARS
        • SEMA LIVESTREAMS
        • RUBBER NEWS EVENTS
      • DIRECTORY
      • CLASSIFIEDS
      • SHOP FLOOR
        • BALANCING
        • DEMOUNTING
        • SAFETY
        • TIRE REPAIR
        • TPMS
        • TRAINING
        • VEHICLE LIFTING
        • WHEEL TORQUE
      • AWARDS
        • Best Places to Work
    • ADVERTISE
    • DIGITAL EDITION