Cooper Tire (CTB) Tops Q3 EPS by $1.75

Cooper Tire (NYSE: CTB) reported Q3 EPS of $2.42, $1.75 better than the analyst estimate of $0.67. Revenue for the quarter came in at $764.85 million versus the consensus estimate of $645.74 million.

Outlook:

“The strength of our third quarter performance and the pandemic-related temporary plant closures earlier in the year have reduced our inventory levels, which will affect our ability to meet global demand for our tires in the fourth quarter. This will result in modestly lower global unit volume for the second half of 2020 compared to 2019. Yet, we expect to achieve operating profit margin within our stated mid-term target of 10 to 14 percent for the second half 2020, excluding the $49 million benefit from the adjustment of our product liability reserves in the third quarter. Our strategic initiatives are unlocking the relevance of our brand with our customers and consumers, creating additional growth opportunities. We are on the right strategic path and our team will continue to drive our initiatives to achieve our long-term goals,” Hughes said.

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

You May Also Be Interested In

• BayCom Corp (BCML) Misses Q1 EPS by 4c
• Netflix Q1 earnings top estimates on blowout subscriber growth
• Cass Information Systems (CASS) Misses Q1 EPS by 2c