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Cooper Tire & Rubber profit beats consensus by 76.9% in Q2

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Cooper Tire & Rubber profit beats consensus by 76.9% in Q2

Cooper Tire & Rubber Co. said its normalized net income for the second quarter was $1.24 per share, compared with the S&P Capital IQ consensus estimate of 70 cents per share.

EPS increased 56.2% year over year from 80 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $71.8 million, an increase of 39.9% from $51.3 million in the year-earlier period.

The normalized profit margin increased to 9.6% from 5.8% in the year-earlier period.

Total revenue declined 15.4% on an annual basis to $751.8 million from $888.7 million, and total operating expenses fell 20.1% year over year to $631.3 million from $790.0 million.

Reported net income rose 56.4% year over year to $59.5 million, or $1.03 per share, from $38.0 million, or 59 cents per share.