The Goodyear Tire & Rubber Co., which owns the Amherst-based Dunlop Tire Co., on Thursday lowered its earnings outlook for the rest of the year, saying higher material and energy costs and a drop in the value of the euro means the company will break even or incur a loss in the third and fourth quarters.
"The economic outlook for the tire industry is difficult at best," said Samir Gibara, Goodyear chairman, chief executive and president.
The news sent Goodyear shares tumbling 13.7 percent. On Thursday, the shares were trading at $18.13, down $2.88, on the New York Stock Exchange.
The company had expected a slight improvement over the first half of the year. Goodyear made 42 cents in the first quarter and 44 cents in the second quarter.