IN BRIEF : Goodyear Expects Earnings to Fall

Goodyear Tire & Rubber Co. today said the cost of an ongoing restructuring program will leave fourth-quarter operating earnings 40% to 45% below year-ago levels.

The restructuring, aimed at making the company more competitive, is expected to reap benefits in future years, the company said. Goodyear stock rose 25 cents to $48 on the New York Stock Exchange.

The company’s restructuring program was undertaken to reduce Goodyear’s heavy debt burden, taken on to fight off an unsuccessful takeover bid for the company by Sir James Goldsmith, the Anglo-French financier. Goodyear’s fight two years ago to remain independent is often cited as an example of how costly and damaging corporate raids can be.

The company said it expected fourth-quarter net income will be all from continuing operations. It earned $119.4 million from continuing operations in the 1987 fourth quarter.

Included in the lower fourth-quarter projection is an after-tax charge of $33 million related to reversion of excess pension funds to the company. The cost of the company’s previously announced voluntary separation program will also be reflected in fourth-quarter results.