Cooper Tire (CTB) Misses Q4 EPS by 13c, Sales Beat

Cooper Tire (NYSE: CTB) reported Q4 EPS of $0.50, $0.13 worse than the analyst estimate of $0.63. Revenue for the quarter came in at $757 million versus the consensus estimate of $751.84 million.

Management expectations for 2018 include:

• Unit volume growth compared to 2017.
• Full year operating profit margin near the low end of the 9 to 11 percent range, with improvement throughout the year following a first quarter which is expected to be below that range.
• The adoption of Accounting Standards Update 2017-07 – Compensation – Retirement Benefits, which became effective January 1, 2018, will result in the reclassification of net periodic benefit costs, excluding service costs, outside of operating profit to other pension costs. In 2018, the company expects this to be approximately $28 million.
• Effective tax rate in a range between 23 and 26 percent. The decrease in the effective tax rate from 2017 is driven by the reduced U.S. tax rate as a result of the Tax Act and the predominance of the company\'s earnings in the U.S. The 23 to 26 percent range does not include the discrete impact of any tax adjustments that may be recorded during the 2018 measurement period prescribed under SAB 118 as a result of the Tax Act.

Capital expenditures to range between $215 and $235 million.

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

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