Cooper Tire (CTB) Tops Q3 EPS by 33c. Miss on Revenues

Cooper Tire (NYSE: CTB) reported Q3 EPS of $1.18, $0.33 better than the analyst estimate of $0.85. Revenue for the quarter came in at $750.91 million versus the consensus estimate of $787.62 million.

Third Quarter Highlights:

• Consolidated unit volume decreased 2.0 percent compared to the prior year, with strong growth in the International segment that was more than offset by lower volume in the Americas segment.
• Net sales decreased 2.3 percent to $734 million.
• Operating profit was $101 million, or 13.8 percent of net sales, which is an increase of $23 million from the prior year.
• The quarter included a $39 million benefit in operating profit from lower product liability costs, primarily related to a reduction of the company\'s product liability reserves.
• Cooper\'s raw material index increased 6.4 percent from the third quarter of 2016, with raw material costs increasing by $19 million from the prior year.
• The company repurchased $32 million of its common stock during the quarter at an average price of $35.05 per share. Average shares outstanding have decreased 4.1 percent from the third quarter of 2016.

For earnings history and earnings-related data on Cooper Tire (CTB) click here.

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