Goodyear lowers fiscal ’18 earnings forecast

Akron, Ohio — Goodyear has lowered its second-half and fiscal 2018 earnings outlook by roughly 20% due to higher-than-expected increases in raw materials costs, unfavorable foreign currency swings and softening market conditions in China.

The revised outlook comes despite a “strong” second-quarter operating performance, during which Goodyear achieved its price/mix and net cost savings goals and higher revenue and unit sales, but also reported lower operating income.

“While our execution in the period was robust, macro headwinds are intensifying,” Chairman, CEO and President Richard Kramer said, “including…

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