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Cooper Tire & Rubber Q1 profit climbs 39.8% YOY

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Cooper Tire & Rubber Q1 profit climbs 39.8% YOY

Cooper Tire & Rubber Co. said its first-quarter normalized net income came to 97 cents per share, compared with the S&P Capital IQ consensus estimate of 97 cents per share.

EPS rose 47.8% year over year from 66 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $54.5 million, an increase of 39.8% from $39.0 million in the year-earlier period.

The normalized profit margin increased to 9.9% from 5.9% in the year-earlier period.

Total revenue declined on an annual basis to $649.8 million from $663.2 million, and total operating expenses fell 5.8% year over year to $558.7 million from $592.9 million.

Reported net income increased 44.0% from the prior-year period to $58.9 million, or $1.05 per share, from $40.9 million, or 69 cents per share.