Goodyear delays Q1 figures, likely to report record sales

From Rubber & Plastics News

AKRON (June 16)--Goodyear expects to record first-quarter sales of about $4.3 billion, up almost 23 percent from revenues for the period last year, although it will have a net loss of between $75 million and $85 million, an improvement from 2003's quarterly loss of $196.5 million.

The tire maker had scheduled an investor conference call and had planned to report first-quarter financial results June 16, but a spokesman said both were cancelled principally because the company needed additional time to complete its financial statements.

The firm expects to file its complete financial report before the June 30 deadline required by its credit facilities, he said, although a rescheduled date has not been set.

Segment operating results likely will improve significantly in six of the company's seven businesses, including North American Tire, Goodyear's largest business, the spokesman said. The one segment that's expected to remain flat is the firm's Asia unit.

Goodyear's 2004 first-quarter results will include rationalization charges of about $20 million and income tax of approximately $55 million, the company said.