CTB stock climbed after Cooper Tire & Rubber said it earned $45.4 million during the first quarter, less than the profit of $56.1 million it reported in the prior-year period. EPS came in at 71 cents, far above the 49 cents that analysts had forecast, the Wall Street Journal noted.
During the quarter, CTB generated net sales of $796.5 million, down 7.6% from the year-ago period. A labor dispute at its Chinese operations dented CTB international tire shipments, leading to a 9.1% decline in overseas net sales. Net sales in North America dropped 6.4% to $563.5 million.
With the labor issue in China now resolved, CTB’s chairman and CEO said Cooper Tire & Rubber is seeing second-quarter “strong momentum.”
CTB stock closed at $25.74 on Thursday.
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