Cooper Tire (CTB) Tops Q4 EPS by 31c

Cooper Tire (NYSE: CTB) reported Q4 EPS of $1.04, $0.31 better than the analyst estimate of $0.73. Revenue for the quarter came in at $776 million versus the consensus estimate of $762.25 million.

“It was an exciting year for Cooper as we took numerous steps around the globe to continue to transform and enhance our business,” said Cooper Chairman, Chief Executive Officer and President Roy Armes. “Our fourth quarter and full year performance was very strong, with unit volume increases in all regions and excellent operating profit. In fact, our full year operating margin of nearly 12 percent exceeded the 8 to 10 percent that we established as a mid-term goal for Cooper. We continued to execute our strategic plan and invest in operations around the globe to improve our competitive position. Specifically, we invested in modernizing and enhancing our facilities and continued to invest in technology and product innovation. We are seeing a return on these investments as Cooper moves upstream, selling more high value, high margin products. In addition, we continued to return cash to shareholders through share repurchases and our ongoing dividend.”

Armes added, “In 2015, we broadened our global reach and capabilities through expansion in Latin America and strategic partnerships such as our recently announced agreement to acquire a majority interest in China-based Qingdao Ge Rui Da Rubber Co., Ltd. (GRT). We look forward to another exciting year in 2016, and want to thank all of our employees around the world for their continued dedication and hard work.”

For 2016, the company anticipates:

• Unit volume growth in each of its segments, and unit volume growth in its U.S. operations at or above the industry
• Further declines in raw material costs in the first quarter of 2016
• Total company operating margin, excluding the impact of acquisitions, to be above the high end of the company’s mid-term target of 8 to 10 percent, but not likely to exceed the 2015 results
• The International segment, excluding the impact of acquisitions, to substantially improve operating profit in 2016 and approach break-even operating profit by the fourth quarter
• Full year 2016 effective tax rate to be in a range of 34 to 36 percent
• Capital expenditures for 2016 to be in a range of $240 million to $260 million, excluding the impact of any acquisitions.

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

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