Goodyear Tire Says Q4 Results Fell Short Of Its Expectations; Plans Job Cuts
- Goodyear Tire & Rubber Co (NASDAQ: GT) said it is taking cost savings actions citing the challenging industry environment and cost pressure driven by inflation.
- The company expects the planned rationalization and workforce reorganization to result in an approximately 5% reduction in salaried staff globally or about 500 positions.
- The company expects the reorganization to be completed during the first and second quarters. These actions are in addition to cost synergies related to the integration of Cooper Tire.
- GT expects to record pre-tax charges associated with these actions of approximately $55 million. Savings in the first quarter are expected to be $5 million.
- "Our fourth quarter results fell short of our expectations given a significantly weaker industry backdrop, particularly in Europe," said Richard J. Kramer, chairman, CEO and president.
- Goodyear will report Q4 2022 financial results after the market close on Feb. 8, 2023.
- Price Action: GT shares are trading lower by 4.69% at $10.98 in premarket on the last check Friday.
- Photo Via Company
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