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Cooper Tire & Rubber Co. (NYSE:CTB) reported net income above Wall Street’s expectations for the second quarter. Cooper Tire & Rubber produces and markets passenger, light truck, medium truck, motorsport, and motorcycle tires that are sold nationally and internationally in the replacement tire market.
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Cooper Tire & Rubber Co. Earnings Cheat Sheet
Results: Net income for Cooper Tire & Rubber Co. rose to $51.7 million (82 cents per share) vs. $11.5 million (18 cents per share) in the same quarter a year earlier. This is a more than fourfold rise from the year-earlier quarter.
Revenue: Rose 15.2% to $1.06 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cooper Tire & Rubber Co. beat the mean analyst estimate of 49 cents per share. It beat the average revenue estimate of $999 million.
Quoting Management: Roy Armes, Chief Executive Officer, commented, “I am very pleased with our results for the second quarter. During the quarter we continued progress toward our goals in the midst of a challenging business environment, which demonstrates the strengthening of our business model.”While demand has been sluggish for the industry, our new products continued to do well as we exceeded industry growth in many product lines.”
The company has now seen its net income rise for three quarters in a row. In the first quarter, net income rose 37.6% and in the fourth quarter of the last fiscal year, the figure rose more than fivefold.
For three consecutive quarters, the company has topped analyst estimates. It beat the mark by 2 cents in the first quarter and by 12 cents in the fourth quarter of the last fiscal year.
Looking Forward: Next quarter’s results are expected to be more favorable for the company. Over the past sixty days, the average estimate for the third quarter has reached 70 cents per share, up from 69 cents. For the fiscal year, the average estimate has moved up from $2 a share to $2.25 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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