CEO Robert Keegan

Among the earnings stories for Wednesday, Oct. 28, from AP Financial News: Top stories: CLEVELAND (AP) — Goodyear Tire & Rubber Co.'s profit more than doubled in the third quarter, helped by cost-cutting, new products and lower raw material costs. But its shares plummeted on its forecast for an operating loss in its key North American market this quarter. Other stories: FAIRFAX, Va. (AP) — Government contractor ManTech International Corp. said its third-quarter earnings rose 23 percent because of a focus on the products it develops for the high-end defense and intelligence markets. NEENAH, Wis. (AP) — Plexus Corp., citing volatile demand for its ... Read Full Story

Goodyear Tire & Rubber Co. says its profit more than doubled in the third quarter, helped by new products and lower raw-material costs. The performance marked a reversal by Goodyear, which had reported $554 million in losses in the first six months of the year as the recession staggered the automotive industry. The tire maker based in Akron said Wednesday it earned $72 million, or 30 cents per share, in the July-September period. That's up from $31 million, or 13 cents per share, a year ago. It says revenue fell to $4.4 billion from $5.2 billion a year ago. Goodyear says it earned 45 ... Read Full Story

Shares of U.S. tire makers surged Monday after a decision last week by the Obama administration to impose higher tariffs for three years on Chinese tires. The tariffs are meant to limit rising Chinese imports. There is already a 4 percent tariff on all tire imports. The new tariffs would take effect Sept. 26. The United Steelworkers union brought the up the issue in April, saying more than 5,000 workers at U.S. tire companies have lost jobs since 2004 as Chinese tires flooded the U.S. market. The United States Trade Representative's office said U.S. imports of Chinese tires more than tripled from 2004 to ... Read Full Story

Goodyear Tire & Rubber Co. workers have approved a new contract that will prevent the potential closing of factories in six states in the next four years. The United Steelworkers said Saturday that the agreement covers about 10,300 workers. Voting concluded at seven plants late Friday. The contract provides minimum staffing levels at six of the seven Goodyear plants represented by the steelworkers union. It also calls for Ohio-based Goodyear to invest $600 million at the plants, keeping them up-to-date. The deal protects factories in Akron, Ohio; Gadsden, Ala.; Buffalo, N.Y.; Topeka, Kan.; Danville, Va.; and Fayetteville, N.C. A plant in Union City, Tenn., ... Read Full Story

CHICAGO (Reuters) - Members of the union representing more than 10,000 workers at Goodyear Tire & Rubber Co have ratified a four-year labor deal, Goodyear and the United Steelworkers union said on Saturday. Neither the company nor the union offered details of the agreement. Goodyear said an investor conference call was set for September 28 to discuss the contract. Goodyear, the largest U.S. tire maker, has come under pressure from U.S. auto production declines since last year. Demand from the replacement market has also slumped. Goodyear employs nearly 70,000 people around the world. The seven plants covered by the agreement are in Akron, Ohio; ... Read Full Story