Goodyear Delay Results
Goodyear Tire and Rubber Company, has surprised the financial community by delaying the release of its first quarter results. The results were due for release yesterday but, along with the planned investor conference, they have been rescheduled. The company is confident that it will release its financial details well before the 30 June deadline required by its creditors. In light of last year’s late release, Goodyear will also want to avoid any speculation about the reason for the delay.
In a results preview, the company said it expects to report first quarter sales close to $4.5 million, an $800,000 increase. Segment operating results are also expected to improve significantly in six of the company’s businesses, including North American Tire. The figures for quarterly net losses are expected to total approximately $80 million, which compares favourably with the $196.5 million losses reported this time last year.