|Over a month ago|
Cooper Tire sees 'modestly lower' global unit volume for second half of 2020 » 07:1010/2910/29/20
Cooper Tire said in terms…
Cooper Tire said in terms of its outlook: "The strength of our third quarter performance and the pandemic-related temporary plant closures earlier in the year have reduced our inventory levels, which will affect our ability to meet global demand for our tires in the fourth quarter. This will result in modestly lower global unit volume for the second half of 2020 compared to 2019. Yet, we expect to achieve operating profit margin within our stated mid-term target of 10 to 14 percent for the second half 2020, excluding the $49M benefit from the adjustment of our product liability reserves in the third quarter. Our strategic initiatives are unlocking the relevance of our brand with our customers and consumers, creating additional growth opportunities. We are on the right strategic path and our team will continue to drive our initiatives to achieve our long-term goals."
Cooper Tire CEO says Q3 reflected 'a strong rebound for Cooper' » 07:0810/2910/29/20
Cooper President and CEO…
Cooper President and CEO Brad Hughes said: "Following a first half that was significantly impacted by the global pandemic, our third quarter performance reflected a strong rebound for Cooper, validating our strategic initiatives and our team's ability to execute and react quickly to market opportunities. As a result, in the U.S., our third quarter unit volume increase of 9 percent significantly outperformed the USTMA and exceeded the total industry. Beyond the benefit provided by an adjustment to our product liability reserves, lower raw material costs combined with favorable price, mix and volume, all contributed to a strong result for the quarter. Coming off an exceptionally strong third quarter and the coronavirus-related production disruptions earlier in the year, our inventory levels are lower than normal. In the near term, this will challenge our ability to meet continuing strong customer demand. We are leveraging our global manufacturing footprint and taking actions to increase production to meet the growing demand."
Cooper Tire reports Q3 EPS with benefit $2.42, consensus 74c » 07:0710/2910/29/20
Reports Q3 revenue…
Reports Q3 revenue $764.85M, consensus $650.68M. Global unit volume increased 0.5% compared to the third quarter of 2019. "The quarter included a $49M benefit in operating profit from lower product liability costs related to an adjustment of the company's product liability reserves. The third quarter of 2019 included a similar adjustment of $4M. Operating profit for the Americas segment was $176M, an all-time record for the segment in any quarter, even after excluding the $49M benefit from the product liability adjustment," the company said.
Cooper Tire price target raised to $42 from $39 at JPMorgan » 08:1710/2210/22/20
JPMorgan analyst Ryan…
JPMorgan analyst Ryan Brinkman raised the firm's price target on Cooper Tire to $42 from $39 and keeps an Overweight rating on the shares. The analyst sees earnings beats for the auto parts suppliers in Q3 due to "much stronger" production in China, modestly stronger production in North America, and slightly stronger production in Europe.
|Over a quarter ago|
Cooper Tire expects business 'to improve' in 2H20 » 07:0508/0308/03/20
"While the coronavirus presents a level of risk going forward, we expect our business to improve in the second half of 2020," CEO Brad Hughes said. "In addition, other than discretionary debt pay-down, we do not currently believe we will have a substantial cash usage in the third quarter. In fact, due to our improving financial position and outlook, as of July 31, we have paid down $200 million of the $270 million we borrowed on our revolving credit facilities. We now expect full year 2020 capital expenditures to be at the high end of our previously stated range between $140 and $160 million, and an effective tax rate, excluding significant discrete items, of approximately 25 percent. As we look further out, given our attractive value proposition, growing awareness of the Cooper brand and the momentum of our strategic initiatives, we are confident in our ability to return to our mid-term target range in the future."
Cooper Tire CEO says Q2 results 'significantly impacted' by pandemic » 07:0408/0308/03/20
"As anticipated, the…
"As anticipated, the global pandemic significantly impacted our results in the second quarter. However, our performance materially exceeded our expectations, and I want to thank our employees around the globe for stepping up during this challenging and unprecedented time," said Cooper President & CEO Brad Hughes. "As you know, Cooper came into this situation with a strong balance sheet and with momentum building from our strategic initiatives. We took early and decisive actions to help weather the coronavirus storm, and our teams seized opportunities to continue to build our business. As a result of their efforts, and the economic recovery that started to emerge later in the quarter, Cooper was able to generate significant free cash flow for the period and grow market share in the U.S. We believe this affirms the strength of the Cooper brand, and the value that our products deliver to consumers who are increasingly looking to buy high quality, affordable tires. We are excited that our strategic initiatives are improving our business even in challenging circumstances, and we are optimistic about the future."
Cooper Tire reports Q2 EPS (12c), consensus (54c) » 07:0308/0308/03/20
Reports Q2 revenue $496M,…
Reports Q2 revenue $496M, consensus $464.87M.
Cooper Tire expands capacity at Krusevac plant with $55M investment » 08:1507/2307/23/20
Cooper Tire Serbia, a…
Cooper Tire Serbia, a subsidiary of Cooper Tire, announced it is well underway on a construction project to increase production capacity at its Krusevac tire manufacturing plant. With a strategic manufacturing footprint investment of approximately $55M in equipment upgrades and facility expansion, the project will increase the size of the Krusevac facility to more than 882,000 square feet. In addition, the company plans to add 118 new jobs. The project is supported by approximately $8M in incentives provided by the Serbian government. With this investment Cooper Tire Serbia will be able to produce new, larger diameter tires being demanded in Europe and other global markets. Total annual production capacity at the Krusevac plant will increase by approximately one-third at completion of this expansion, which is expected later this year, and will establish a footprint which could further double capacity with additional equipment and people.
Tire data for June supportive of upside, says KeyBanc » 10:0407/1407/14/20
KeyBanc analyst James…
KeyBanc analyst James Picariello said his tire sell-out tracker in June increased 26.8% year-over-year, which he sees pointing to both strong sequential improvement in demand as well as a temporary share shift toward dealers as alternate channels, such as Walmart (WMT) Auto Centers, remain closed. June's preliminary sell-in shipment data released Monday fell 9.4%, which he said was "well above" his expectations for that measure to be down a mid to high-teens percentage. The analyst, who sees this month's sell-in and sell-out results as supportive of upside to his full-year forecasts, has an Overweight rating on Cooper Tire (CTB) shares and a Sector Weight rating on Goodyear Tire (GT).
Cooper Tire appoints Paula Whitesell as Chief Human Resources Officer » 08:3507/0907/09/20
Cooper Tire announced…
Cooper Tire announced that Paula Whitesell will join the company as Senior Vice President & Chief Human Resources Officer effective July 27. Whitesell joins Cooper from Peapod Digital Labs in Chicago, where she served as Vice President, Human Resources.