Goodyear affirms outlook, reinstates dividend
DETROIT, Sept 20 (Reuters) - Goodyear Tire & Rubber Co on Friday affirmed its profit forecast for the year and reinstated a common stock dividend.
The No. 1 U.S. tire maker also announced a $100 million share buyback program. It said the program was intended to offset new shares issues under stock compensation programs.
Goodyear said it still expected 2013 operating income across its business units to be about $1.5 billion, and it is targeting income growth of 10 percent to 15 percent through 2016.
The company also said it was targeting positive cash flow, excluding pension funding, through 2016.
Goodyear said it would pay a quarterly dividend of 5 cents a share, payable on Dec. 1 to shareholders of record on Nov. 1. It last paid a dividend on common stock in December 2002.