Cooper Tire (CTB) Misses Q4 EPS by 17c, Revenues Miss; Confirms Deal to be Acquired by Goodyear Tire (GT)
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Cooper Tire (NYSE: CTB) reported Q4 EPS of $0.75, $0.17 worse than the analyst estimate of $0.92. Revenue for the quarter came in at $728 million versus the consensus estimate of $732.68 million.
Fourth Quarter Highlights
- Global unit volume decreased 9.8 percent compared to the fourth quarter of 2019.
- Net sales decreased 2.9 percent from the fourth quarter of 2019 to $728 million.
- Operating profit was $60 million, or 8.3 percent of net sales, compared to $64 million, or 8.5 percent of net sales, in 2019.
- Net income was $38 million, or $0.75 diluted earnings per share.
“In 2020, Cooper continued to build upon the positive momentum that began in 2019, driven by execution of our strategic initiatives, which have successfully transformed Cooper into a consumer-driven company,” said President & Chief Executive Officer Brad Hughes. “Despite impacts from coronavirus, we delivered strong operating profit performance for the year and demonstrated that the value proposition of providing high quality tires at an affordable price is compelling for consumers, especially in the current environment. We are proud of the achievements of our teams around the globe.”
On February 22, 2021, Cooper Tire & Rubber Company and The Goodyear Tire & Rubber Company (NASDAQ: GT) announced that they entered a definitive transaction agreement under which Goodyear will acquire Cooper in a transaction with a total enterprise value of approximately $2.5 billion and a total equity value of approximately $2.8 billion. Following the closing of the proposed transaction, Goodyear shareholders will own approximately 84% of the combined company, and Cooper shareholders will own approximately 16%. The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of Cooper shareholders, and is expected to close in the second half of 2021.
For earnings history and earnings-related data on Cooper Tire (CTB) click here.
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