Cooper Tire's stock set to tumble after revenue miss, lowered volume outlook [MarketWatch]
COOPER TIRE & RUBBER (CTB)
Last cooper tire & rubber earnings: 2/24 07:00 am
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US:NYSE Investor Relations:
us.coopertire.com
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Source: MarketWatch
Cooper Tire's stock set to tumble after revenue miss, lowered volume outlook Shares of Cooper Tire & Rubber Co. CTB, -1.93% were indicated down nearly 10% in premarket trading Monday, after the tire maker reported second-quarter revenue that missed expectations and cut its full-year volume outlook. Net income fell to $8.8 million, or 18 cents a share, from $15.0 million, or 30 cents a share, in the year-ago period. The company said results were hurt by costs related to new tariffs on imports from China and restructuring costs related to the decision to cease light vehicle tire production at its Melksham, England facility. The FactSet EPS consensus was 50 cents. Net sales fell 2.8% to $679.1 million, below the FactSet consensus of $718.1 million. For 2019, the company said it no longer expects unit volume growth, after previous guidance of "modest" growth. "Increased U.S. tariff costs and delayed timing of anticipated commercial truck tire price increases, as well as weakness in the
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