AKRON (Nov. 5)—Goodyear expects record sales and significant improvement across the board when it reports its third-quarter results Nov. 9.
The company said earnings will be in the range of 19 cents to 21 cents a share for the period, compared to a loss in last year's third quarter. Sales likely will be around $4.7 billion, up 20 percent from the like period in 2003.
All seven of the firm's businesses reported improved segment operating income, with total segment operating income doubling the previous year's total. Improved pricing and product mix, along with higher unit volume, contributed to the sales growth, the company said.
In addition to releasing its financials, Goodyear will file an amended 10-K Form for 2003 that will include a restatement of financial statements, including those for the first and second quarters of 2004, to reflect after-tax adjustments of about $4.6 million.
The company said it also identified a miscalculation of deferred income tax assets and liabilities, amounting to about $360 million each, in its consolidated balance sheet for 2003. Both will be part of the restatement. Those figures won't have an impact on net income, the company said.