Zacks Investment Research | Jul 30, 2019 08:17AM ET
Cooper Tire & Rubber Company (NYSE:CTB) reported second-quarter 2019 adjusted earnings per share of 18 cents compared with 30 cents recorded in the prior-year quarter. Also, the bottom line missed the Zacks Consensus Estimate of 51 cents.
The company’s net sales declined 2.8% year over year to $679 million, which missed the Zacks Consensus Estimate of $719 million. Gross profit amounted to $99.1 million, down from $94.2 million recorded in the prior-year quarter.
Also, operating profit was $31.7 million compared with $32.8 recorded in second-quarter 2018.
Segment Details
Net sales in the Americas Tire Operations declined 0.4% year over year to $582 million. Operating profit in the segment rose 15.6% to $47 million despite new and incremental tariffs this year. Also, operating margin was 8% compared with 6.9% in the prior-year quarter.
Revenues in the International Tire Operations declined 17.5% to $139 million. Operating loss was $1 million against operating income of $6 million in the year-ago quarter. Operating margin was a negative 0.9% against a positive 3.4% in the prior-year quarter. The segment witnessed challenges from the ongoing decline within the new vehicle market in China and a weak replacement tire market in Europe.
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