Goodyear Rises Most Since February After Boosting Dividend
- Growing demand for large tires increases profit opportunity
- Company projects $4 billion in returns to shareholders
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Goodyear Tire & Rubber Co. shares rose the most in seven months after the tiremaker raised its dividend 43 percent as part of a plan to return as much as $4 billion to shareholders.
The quarterly dividend will rise to 10 cents a share from 7 cents, starting with the Dec. 1 payout, the Akron, Ohio-based company said in a statement Thursday. Goodyear also forecast annual operating income of $3 billion from its three business units in 2020 and cumulative free cash flow of $4.3 billion to $4.9 billion from 2017 through 2020.