Cooper Tire (CTB) Misses Q1 EPS by 10c, Withdraws Outlook
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Cooper Tire & Rubber Company Reports First Quarter 2020 Results; Withdraws Outlook for 2020
May 7, 2020 7:00 AM EDTFINDLAY, Ohio--(BUSINESS WIRE)-- Cooper Tire & Rubber Company (NYSE: CTB) today reported a first quarter 2020 net loss of $12 million, or diluted loss per share of $0.23, compared with net income of $7 million, or $0.14 diluted earnings per share, for the same period last year.
First Quarter Highlights
Unit volume decreased 15.8 percent compared to the first quarter of 2019. Net sales decreased 14.1 percent to $532 million. Operating loss was $6 million, or 1.2 percent of net sales, compared to operating profit of $26 million, or 4.3 percent of net sales, in 2019. Operating results... More