Manufacturing Industry
Goodyear cuts earnings forecast after US attacks: US tyre maker sees weak outlook for fourth quarter, with low demand and uncertainty following on World Trade Center attacks. (Tyre news).(Brief Article)
European Rubber Journal, November, 2001 by Raleigh, Patrick
Goodyear Tire & Rubber Co. has downgraded its earnings forecasts for the third quarter of 2001. The revision, it said, was prompted by the impact of the recent terrorist attacks in the US on an already weak tyre market.
"Already slowing demand in both replacement and original equipment tyre markets around the world has weakened significantly," said Goodyear in its trading update for August. The company now expects net income for the third quarter will be approximately the same as the previous quarter.
"Our business, like many, saw an abrupt decline in demand after the attack. As a substantial portion of our third quarter volume is shipped in September, our volumes will not be as strong as originally planned," said Sam Gibara, chairman and chief...
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