Goodyear aims at profit growth of up to 15%/year through 2016: CEO

20 September 2013 14:09  [Source: ICIS news]

HOUSTON (ICIS)--Goodyear is targeting annual segment operating income growth of 10-15% through 2016, the CEO of the US-based international tyre major said on Friday.

Richard Kramer, speaking at an investor event in New York, also confirmed Goodyear’s 2013 outlook for segment operating income of about $1.5bn (€1.1bn).

Kramer added that Goodyear will reinstate quarterly cash dividends on its common stock. Goodyear last paid a common stock dividend in December 2002.

In addition, Goodyear plans a $100m share repurchase programme, he said.

Goodyear’s “ongoing success and confidence in its strategies” allowed it to provide immediate returns through the common stock dividend and share repurchase programme, the CEO said.

The quarterly dividend of 5 cents/share is payable on 1 December. The share repurchases are intended to offset new shares issued under Goodyear’s equity compensation programmes.

Goodyear is a big consumer of styrene-butadiene-rubber (SBR), carbon black and other chemical inputs used in tyre production.

($1 = €0.74)

By: Stefan Baumgarten
+1 713 525 2653

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