Goodyear Says It Will Restate Earnings
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Goodyear Tire & Rubber Co. plans to restate earnings for the last five years, decreasing income by as much as $100 million because an accounting system caused billing errors.
The Akron, Ohio-based tire maker also said it would delay the release of its third-quarter earnings until November. Results were supposed to have been released today.
Shares closed up 2 cents to $6.83 on the NYSE before the announcement, but in after-hours trading shares plummeted 27%, or $1.83.
Goodyear said an accounting system implemented in 1999 caused errors with its billing system, resulting in mistakes it was now identifying and correcting.
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