Goodyear delays 1Q results; estimates record sales, quarterly loss
Goodyear Tire & Rubber Co. will not release its first-quarter 2004 financial results today as previously announced, citing simply that it needs more time to complete them.
The investor conference call planned for today also will be rescheduled.
However, the company did preview a summary of the results. It expects to report the following:
* record first-quarter sales of approximately
$4.3 billion, compared to $3.5 billion in the first quarter of 2003.
* improved segment operating results in six of the company's seven businesses -- including North America.
* a quarterly net loss between $75 million and
$85 million, which compares to a net loss of $196.5 million in the first quarter of 2003.
The 2004 quarter will include rationalization charges of close to $20 million and income tax of approximately $55 million.
Goodyear says it expects to file its financial statements well within the June 30 deadline as required by its credit facilities.
Goodyear's stock was selling at $9.22 a share as of the close of the New York Stock Exchange on July 15. That compares to a 52-week high of $11.97 and low of $4.49.