Current Report Filing (8-k)
January 15 2019 - 11:21AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 15, 2019
THE GOODYEAR TIRE & RUBBER COMPANY
(Exact name of registrant as specified in its charter)
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Ohio
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1-1927
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34-0253240
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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200 Innovation Way, Akron, Ohio
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44316-0001
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code: (330) 796-2121
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation
of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to
Rule 14a-12
under the Exchange
Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined
in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 2.02.
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Results of Operations and Financial Condition.
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On January 15 and 16, 2019, representatives of The Goodyear Tire & Rubber Company (the Company) will present at conferences hosted in
conjunction with the Detroit Auto Show and will provide an update on the Companys preliminary 2018 performance.
As part of those presentations, the
Company will announce that fourth quarter of 2018 tire unit volumes declined by approximately 3% due to (1) continued weakening of the OE environment in China and India, (2) declines in the winter tire market in Europe late in the quarter,
and (3) supply constraints on volume for high-value-added consumer and commercial truck tires in the United States. Price/mix was positive during the fourth quarter of 2018 but was less than anticipated due to weaker mix, partially as a result
of the supply constraints referred to above. In addition, earnings fell in other tire-related businesses, including with respect to the Companys U.S. chemical operations.
As a result of these factors, for the full year of 2018, Goodyear net income is expected to be adversely affected and the Companys total segment
operating income is expected to be slightly below the Companys previous guidance of approximately $1.3 billion.
A live audio webcast of the
presentations will be available on the Companys investor relations website, http://investor.goodyear.com, at 12:35 p.m. for the January 15 presentation and at 11:55 a.m. for the January 16 presentation. A replay of the webcasts will
be available following the events. Prior to the commencement of the webcasts, the Company will post the financial and other related information that will be presented on the website. Please note, however, that information contained on the website is
not incorporated by reference in this Form
8-K
or considered to be a part of this Form
8-K.
Note on the use of
non-GAAP
financial measures: This Form
8-K
refers to Total
Segment Operating Income, which is an important financial measure for the Company but is not a financial measure defined by U.S. GAAP, and should not be construed as an alternative to corresponding financial measures presented in accordance with
U.S. GAAP. Total Segment Operating Income is the sum of the individual strategic business units (SBUs) Segment Operating Income as determined in accordance with U.S. GAAP. Management believes that Total Segment Operating Income is useful
because it represents the aggregate value of income created by the Companys SBUs and excludes items not directly related to the SBUs for performance evaluation purposes. The most directly comparable U.S. GAAP financial measure to Total Segment
Operating Income is Goodyear Net Income. It should be noted that other companies may calculate similarly-titled
non-GAAP
financial measures differently and, as a result, the measures presented herein may not
be comparable to such similarly-titled measures reported by other companies.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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THE GOODYEAR TIRE & RUBBER COMPANY
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Date: January 15, 2019
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By
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/s/ Darren R. Wells
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Darren R. Wells
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Executive Vice President
and Chief Financial Officer
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