Cooper Tire reports Q2 EPS 30c, consensus 26c
Reports Q2 revenue $698.41M, consensus $679.75M. Consolidated unit volume decreased 2.1% compared to the prior year. "Cooper delivered second quarter results in line with our stated expectations, including operating profit margin of 4.7 percent of net sales, up slightly from the previous quarter," said Brad Hughes, president & CEO. "While challenging industry conditions have continued longer than expected, we are confident in our strategic plan, as detailed at our recent investor event. We continue to make solid progress in our strategic initiatives, including expanding into new sales channels and driving sell-in with exciting new products, such as our new AT3 line. Cooper's brand strength and attractive value proposition, combined with our strategic initiatives, provide a solid foundation for volume and profit growth."