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Goodyear Previews Second Quarter Earnings

24 June 1999

Goodyear Previews Second Quarter Earnings

    AKRON, Ohio, June 24 -- The Goodyear Tire & Rubber Company
announced today that  second quarter sales would be approximately 2 percent
lower than in the 1998 second quarter and that net income in the quarter would
be in the range of $64 million to $80 million ($0.40 to $0.50 per diluted
share).  Net income in the 1998 quarter was $199 million or $1.25 per diluted
share.
    Second quarter results will reflect the impact of programs to realign
production capacity and inventories in North America and Europe.  Capacity
utilization in these two regions was down substantially versus 1998.
    In North America, disappointing execution of numerous product
rationalization programs, including the phase out of tire production in one of
the company's largest tire plants in Gadsden, Ala., had a significant negative
impact on product cost and sales mix for the quarter.
    In addition, continuing weak economic conditions in Latin America and
emerging markets included in the European Region resulted in operating income
for these markets being significantly below 1998 second quarter levels.
    Currency translations, higher interest expense and a higher estimated
annual effective tax rate also contributed to the lower earnings in the
quarter.
    Goodyear anticipates that, in addition to the recently announced
management reorganization, improved product availability and product cost,
significantly better utilization of production capacity, the result of various
cost-control measures and improving economic conditions in emerging markets
will have a favorable impact on the second half results.