Cooper Tire (CTB) Misses Q1 EPS by 5c

Cooper Tire (NYSE: CTB) reported Q1 EPS of $0.14, $0.05 worse than the analyst estimate of $0.19. Revenue for the quarter came in at $619.2 million versus the consensus estimate of $610.85 million.

Outlook

• "We are pleased that our first quarter results have helped position us well for the remainder of the year," said Hughes. "We expect to continue to improve results, building on our strategic initiatives as we continue to make tangible progress on the milestones communicated at our May 2018 Investor Day. Importantly, we remain focused on building our team's capabilities to advance our strategic initiatives and win in the marketplace."
• For 2019, management continues to expect:
• Modest unit volume growth compared to 2018.
• Improving operating profit margin throughout the year, with the full year exceeding 2018.
• Capital expenditures to range between $190 and $210 million. This does not include capital contributions related to Cooper’s pro rata share of the previously announced joint venture with Sailun Vietnam or other potential manufacturing footprint investments.
• For 2019, management now expects:
• Charges related to the Melksham, England restructuring to be in a range of $8 to $11 million, including $5 million already incurred in the first quarter.
• Effective tax rate in a range between 23 and 26 percent.
• The 2019 expectations include tariffs already in place, but do not include rate changes or additional tariffs that continue to be considered, but have not yet been imposed.

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Reading (RDI) Tops Q2 EPS by 4c
• Algorhythm Holdings (RIME) Tops Q2 EPS by 54c