Feb 12 Goodyear Tire & Rubber Co, the top
U.S. tire maker, on Tuesday posted a stronger-than-expected
quarterly profit, but cut its 2013 forecast due to weakness in
the European automotive market.
"As a result of our view of continued weakness in the
European economy and its effects on the auto and tire
industries, we are reducing our 2013 segment operating income
expectation and are taking actions to ensure long-term
competitiveness in the region," Chief Executive Richard Kramer
said in a statement.
The company broke even on fourth-quarter results available
to common shareholders, compared with a profit of $18 million,
or 7 cents a share, in the year earlier period.
Excluding one-time items, Goodyear earned 39 cents a share,
almost double the 20 cents analysts polled by Thomson Reuters
I/B/E/S had expected.
Sales in the quarter fell 11 percent to $5.05 billion.
Goodyear said it now expects 2013 segment operating income
of $1.4 billion to $1.5 billion, below the $1.6 billion it had
previously forecast. It blamed the weakness in Europe for the