Cooper Tire & Rubber Crushes Estimates; Shares Gain 9%
Shares of Cooper Tire & Rubber (NYSE: CTB) are up a massive 9.3 percent to $24.95 following positive fourth quarter results reported Friday morning.
Cooper beat on both the top and bottom lines. The company reported EPS of $0.31 versus $0.26 analyst estimate and $861 million in revenue versus the Street estimate of $785.2 million.
Roy Armes, Chief Executive Officer of Cooper, said, “delivering operating profit of $241 million in 2013 and exiting the year with a strong balance sheet is a testament to the dedication and commitment of Cooper people worldwide and to the resilience of our business model.”
While the company did not cite weather -- as many companies have been prone to do this winter -- the fourth-quarter results were negatively impacted to the tune of $27 million amid labor actions.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.