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Cooper Tire & Rubber Falls After Q2 Earnings Miss

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Cooper Tire & Rubber (NYSE: CTB) reported second-quarter earnings of 18 cents per share, which missed the analyst consensus estimate of 5 cents by 64%. This is a 40% decrease over earnings of 3 cents per share from the same period last year.

The company reported quarterly sales of $679.13 million, which missed the analyst consensus estimate of $720.69 million by 5.77%. This is a 2.76% decrease over sales of $698.408 million the same period last year.

"Our second quarter operating profit margin improved sequentially from the first quarter, and the Americas segment delivered improved operating profit despite new and incremental tariffs this year," said Cooper Tire & Rubber CEO Brad Hughes. "Our International segment was challenged by the ongoing decline within the new vehicle market in China and a weak replacement tire market in Europe. While we are not satisfied with the lower unit volume in the second quarter, our strategic initiatives are taking hold, and we are confident that they will contribute more meaningfully to unit volume growth in 2020."

Cooper Tire & Rubber shares are trading down 9.91% at $27.45 in Monday’s pre-market session. The stock has a 52-week high of $35.36 and a 52-week low of $23.27.

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Posted-In: Earnings News

 

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