Goodyear Appears to be on The Right Track

Rivals Bridgestone, Michelin and Continental published turnover and earnings figures last week, something that could only serve to put pressure on Goodyear. The US tyre manufacturer will publish its third quarter figures on 9 November, but unofficially the management signalled that the company had again made a small profit after a profitable second quarter.

For Goodyear, any profits are very welcome. After three catastrophic years with losses totalling more than $2 billion, it is expected that Goodyear will reach “a red zero” at the end of the year. But, it is painful to see that Goodyear, after having paid well over $100 million in fees for the restatements of 1999 to 2003, is in trouble again regarding accounting irregularities. Analysts agree that it is “unnerving” that Goodyear has been unable to overcome these problems.