GT Posts 4Q Loss; Cuts 5,000 – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/17504/GT+Posts+4Q+Loss%3B+Cuts+5%2C000+-+Zacks+Tale+of+the+TapePosted on Wednesday, February 18th, 2009 | In Stocks to Watch
Goodyear Tire & Rubber Co. (GT) reported a fourth-quarter net loss of $330 million today. The leading tiremaker in the U.S. blamed deteriorating sales and higher raw material costs for the loss.
The Ohio-based company also declared that it aims to eliminate as many as 5,000 positions.
Excluding one-time costs, Goodyear’s loss for the quarter came at $1.18 a share. Analysts had expected a loss of 80 cents. The quarter witnessed a 20% decline in sales, which amounted to $4.14 billion.
Goodyear aims to curb expenses by about $700 million and capital expenditures by $800 million in the current year. It also plans to cut back on its production capacity by about 25 million units through 2010.
The company is a Zacks #3 Rank (”Hold”).
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