Cooper Tire (CTB) Tops Q3 EPS by 9c

Cooper Tire (NYSE: CTB) reported Q3 EPS of $0.58, $0.09 better than the analyst estimate of $0.49. Revenue for the quarter came in at $704 million versus the consensus estimate of $734.91 million.

Outlook:

“Cooper expects fourth quarter operating profit margin to improve sequentially, with full year operating profit margin slightly above the 5.9 percent we reported for full year 2018, driven by positive trends in pricing, mix and raw materials,” said Hughes. “We expect continued global volume headwinds in the fourth quarter, but we anticipate growth in 2020 driven by our strategic initiatives and improving market conditions.”

Additional management expectations for 2019 include:

Capital expenditures to range between $180 and $200 million. This does not include capital contributions related to Cooper’s pro rata share of its joint venture with Sailun Vietnam or other potential manufacturing footprint investments.
An effective tax rate, excluding significant discrete items, to range between 23 and 26 percent.
Charges related to the Melksham, England restructuring to be in a range of $8 to $10 million.

These expectations include tariffs already in place, but do not include rate changes or additional tariffs that continue to be considered, but have not yet been imposed.

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

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