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Profit Warning from Goodyear

Author: Tyrepress Editors Comments: 0

After Goodyear gave a profit warning for the second quarter its share prices fell yesterday by 10% to US$22.5; in June 1999 the price was US$58.7.

The increase in raw material costs (rubber, oil, carbon black), the failure of securing better prices and extremely competitive prices in the UK and Germany, as well as the weak Euro against the dollar are the main reasons. US economy magazines yesterday wrote about the necessity for Goodyear “to make immediate drastic moves over there (meaning Europe)..

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