Alexa
  • Directory of Taiwan

Cooper Tire swings to 1st-quarter profit, beats Wall Street predictions

Cooper Tire swings to 1st-quarter profit, beats Wall Street predictions

Cooper Tire & Rubber Co. said Wednesday it swung to a first-quarter profit as higher prices in the North American market boosted revenue and cost-cutting measures implemented last year paid off. The company's shares soared nearly 9 percent.
Cooper earned $20.8 million (euro15.31 million), or 33 cents per share, compared with a loss of $5.2 million (euro3.83 million), or 8 cents per share, in the same quarter in 2006.
The replacement tire maker said earnings from continuing operations rose to $20.4 million (euro15.01 million), or 33 cents per share, compared with a loss from continuing operations of $5.5 million (euro4.05 million), or 9 cents per share in the year-ago quarter.
The results came in well ahead of Wall Street predictions. Analysts polled by Thomson Financial had expected a profit of 14 cents per share.
Revenue rose 16 percent to $689.1 million (euro507.14 million) from $596.6 million (euro439.06 million) in the year-ago period.
Cooper credited the improvement to cost reduction and profit improvement initiatives it announced in September, along with improved price and mix in North America and increased sales in Europe and Asia.
Shares of Cooper rose $1.73 to $21.06 in morning trading on the New York Stock Exchange.


Updated : 2021-04-23 03:56 GMT+08:00