CTB: Why Cooper Tire Stock Is Rolling Today

A labor dispute in China dented first quarter sales

   

CTB: Why Cooper Tire Stock Is Rolling Today

On Friday, Cooper Tire & Rubber (CTB) posted lower quarterly profits that still topped Wall Street expectations. CTB shares surged more than 6% in midday trading.

cooper tire cbt 300x110 CTB: Why Cooper Tire Stock Is Rolling TodayCTB 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.

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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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Article printed from InvestorPlace Media, http://investorplace.com/2014/05/ctb-cooper-tire-stock-rolling-today/.

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