Goodyear Misses Analyst Targets

Goodyear announced today that it sustained fourth quarter losses of $1.22 per share, 19 cents more than analyst estimates suggested (-$1.03 per share) for the period. The company announced that net revenues have also fallen 19.9 per cent year-on-year to $4.1 billion, $300 million less than was anticipated.

Keen to address early the inevitable consternation arising from the figures, Goodyear took the opportunity to announce its plans to freeze salaries, cut an additional 5,000 jobs and sell non-core assets in an effort to cut costs and operating expenses by $700 million during 2009 fiscal year. CEO and chairman Robert J. Keegan stated, “We will remain flexible and are prepared to take additional actions if market conditions warrant. Our goal is to ensure Goodyear is positioned for success when tyre markets recover.”

More to follow…