Cooper Tire Up 11% After Beating Earnings Estimates

Shares of Cooper Tire & Company CTB are up more than 11% after the company beat earnings estimates this morning. The company today reported net sales of $1.05 billion for the quarter ended Dec. 31, 2011, an increase of $126 million, or 14 percent, from the prior year. Operating profit was $60 million for the quarter, an increase of $5 million from the prior year same quarter. Net income from continuing operations attributable to Cooper Tire for the quarter was $209 million or $3.33 per share on a diluted basis. During the quarter, the release of most of the Company`s valuation allowance against U.S. deferred tax assets had a positive one-time, non-cash impact on net income of $167 million, or $2.66 per share. Also, due to this release, the Company`s tax expense for the quarter benefited $10 million, or $.16 per share, relating to the reversal of tax expense recorded in previous quarters of the year because the Company had a U.S. valuation allowance at that time. These results compared with $40 million, or 64 cents for the fourth quarter of 2010.