Cooper Tire (CTB) Tops Q2 EPS by 42c

Cooper Tire (NYSE: CTB) reported Q2 EPS of ($0.12), $0.42 better than the analyst estimate of ($0.54). Revenue for the quarter came in at $496 million versus the consensus estimate of $464.87 million.

Outlook:

“While the coronavirus presents a level of risk going forward, we expect our business to improve in the second half of 2020,” Hughes said. “In addition, other than discretionary debt pay-down, we do not currently believe we will have a substantial cash usage in the third quarter. In fact, due to our improving financial position and outlook, as of July 31, we have paid down $200 million of the $270 million we borrowed on our revolving credit facilities. We now expect full year 2020 capital expenditures to be at the high end of our previously stated range between $140 and $160 million, and an effective tax rate, excluding significant discrete items, of approximately 25 percent.”

“As we look further out, given our attractive value proposition, growing awareness of the Cooper brand and the momentum of our strategic initiatives, we are confident in our ability to return to our mid-term target range in the future."

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

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