Goodyear Lowered Annual Operating Profit Expectation

Goodyear Lowered Annual Operating Profit Expectation

Recently, Goodyear released its third-quarter financial report, which has lowered its full-year operating profit expectation, due to the “increasing severe industry environment”. The annual operating profit expectation was lowered from 1.8-1.9 billion dollars to 1.3-1.5 billion dollars.

The Chairman & CEO Richard Kramer from Goodyear said that the company's total sales in the first three quarters of 2018 were 11.6 billion dollars (80.736 billion RMB), an increase of 2.6% year-on-year. This was attributed to the increased product sales and rising tire prices.

He added that because Goodyear's weak business in China has not improved. The local consumers’ purchase of Goodyear’s products did not meet the expectations, which affected the company's operating profit. In the meantime, the cost of feedstock was also on a rise. The company's operating profit for the first three quarters was 967 million dollars, a decrease of 14.1%.

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