Goodyear to Reduce Profits By Another $65 Million - aftermarketNews

Goodyear to Reduce Profits By Another $65 Million

Goodyear Tire & Rubber said it would reduce its reported profit for the past six years by an additional $65 million, citing improper accounting at its overseas operations among other reasons. Goodyear said its internal investigation of overseas accounting was complete.

AKRON, OH — Goodyear Tire & Rubber said it would reduce its reported profit for the past six years by an additional $65 million, citing improper accounting at its overseas operations among other reasons. Goodyear said its internal investigation of overseas accounting was complete.

It said the final results of the probe were still under review but that net income between 1997 and 2003 will have to be reduced by $10 million. The other $55 million is because of understatement of workers’ compensation claims at an undisclosed domestic plant, adjustment of profits tied to internal inventory and other issues, Goodyear said.

“This investigative process was thorough, and we are pleased to have it behind us,” said Robert Tieken, chief financial officer. “We look forward to issuing our financial results and refocusing all of our energies toward Goodyear’s ongoing turnaround efforts.”

In October, Goodyear lowered its net income since 1998 by nearly $85 million because of accounting system errors. The U.S. Securities and Exchange Commission is investigating.

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