logo
Plus   Neg
Share
Email

Cooper Tire & Rubber Q4 Adj. Earnings Beat View, But Revenues Miss - Quick Facts

Cooper Tire & Rubber Co. (CTB) on Tuesday reported that its fourth-quarter net loss attributable to the company narrowed to $419 thousand or $0.01 per share from net loss of $42.16 million or $0.82 per share in the same quarter last year.

Excluding items, adjusted earnings for the latest quarter were $0.66 per share, compared to $0.50 per share a year ago.

Operating profit for the quarter fell 55.9 percent to $24.83 million from $56.27 million in the year-ago period. Goodwill impairment testing in the latest quarter resulted in a non-cash impairment charge of $34 million.

Net sales for the quarter rose 1.8 percent to $770.49 million from $757.04 million in the year-ago period. The latest quarter's net sales included $33 million of favorable price and mix, which was partially offset by $14 million of lower unit volume and $6 million of unfavorable foreign currency impact.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.58 per share for the quarter on revenues of $773.82 million. Analysts' estimates typically exclude special items.

Looking ahead, Cooper Tire expects first quarter 2019 operating profit margin to be lower than the year-ago period as a result of typical seasonality and some unique items which will impact the first part of the year, including $10 million to $15 million in restructuring charges related to ceasing light vehicle tire production in England.

For fiscal 2019, the company projects modest unit volume growth compared to 2018, and improving operating profit margin throughout the year, with the full year exceeding 2018.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
MillerCoors LLC has filed a lawsuit against Anheuser-Busch Companies LLC, part of Anheuser-Busch InBev, alleging that Anheuser-Busch's ad campaigns associating MillerCoors' products, Miller Lite and Coor Light, with corn syrup is "false and misleading." During the Super Bowl, ABInBev ran an advertising campaign that mocked Miller Lite and Coors Light use corn syrup in brewing. Shares of Biogen Inc. are falling almost 28 percent in Thursday's trading after the company and Japanese drugmaker Eisai Co. said they will discontinue two late-stage trials for their experimental Alzheimer's drug, Aducanumab. The two Phase 3 trials, ENGAGE and EMERGE, are multi-center, randomized, double-blind, placebo-controlled, parallel-group studies designed to evaluate Aducanumab. The European Union on Wednesday ordered Alphabet Inc.'s Google to pay an antitrust fine of 1.49 billion euros for abusing its dominant position in the online search advertising intermediation market by preventing competition. This is the third antitrust fine by the EU against Google and it represents 1.29 percent of the tech giant's turnover in 2018.
Follow RTT