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 story : Goodyear's outlook for raw material cost increases more than doubled, stock turns lower #FinanceUSA #StockMarketNEWS Shares of Goodyear Tire & Rubber Co. sank 2.4% in afternoon trading Friday, reversing

@stockMarketNEWS Mon 03 May, 2021

Posted in: #FinanceUSA #StockMarketNEWS

Goodyear's outlook for raw material cost increases more than doubled, stock turns lower #FinanceUSA #StockMarketNEWS
Shares of Goodyear Tire & Rubber Co. sank 2.4% in afternoon trading Friday, reversing an earlier intraday gain of as much as 2.0%, after the tire seller reported first quarter earnings that beat expectations, but also more than doubled its full-year outlook for raw materials cost increases. Chief Financial Officer Darren Wells said on the post-earnings conference with analysts that raw materials costs for 2021 are expected to increase by 5 million to 5 million, largely in the second half of the year, compared with previous estimates for an increase of 5 million to 5 million. For the first quarter, however, raw material costs actually declined by million, but prices increases were expected to "catch up some" over the coming quarters. Meanwhile, pricing in the quarter improved by million as the company raised prices ahead of the raw material price increases.


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