Shares of Goodyear Tire & Rubber & Co. dropped 4.7% in premarket trading Thursday, after the tire maker warned of a sales miss, suspended its dividend and announced payroll cost cuts that will affect more than 9,000 employees. The company said it expects first-quarter sales to fall to $3.0 billion from $3.6 billion, compared with the FactSet consensus of $3.3 billion, as tire unit volume has dropped 18% to 31 million. The results reflect “significant declines” in shipments after auto makers halted production amid the COVID-19 pandemic, and weak tire replacement demand. Goodyear said it will save $37 million a quarter by suspending its dividend, which was last paid at 16 cents a share in January. The dividend yield based on Wednesday’s stock closing price was 8.86%. The payroll cost cuts include furloughs, temporary salary reductions and salary deferrals. The company is also evaluation ways to accelerate restructuring action. Separately, Goodyear said it refinanced its $2 billion revolving credit facility to extend the maturity to 2025. It currently had liquidity of $.6 billion. The stock has tumbled 52.0% over the past three months through Wednesday, while the Dow Jones Industrial Average has declined 19.8%.