Cooper Tire beats by $0.12, beats on revs
- Reports Q3 (Sep) earnings of $0.93 per share, $0.12 better than the Capital IQ Consensus of $0.81; revenues fell 15.0% year/year to $782 mln vs the $763.4 mln Capital IQ Consensus.
- Net sales rose 2 percent excluding the impact of CCT, the company's former joint venture in China that contributed sales of $150 million in the third quarter a year ago (net of company eliminations). CCT was divested by Cooper in the fourth quarter of 2014.
- Third quarter results included higher unit volume of $50 million excluding CCT, with unit volume increases in both the Americas and International segments. The unit volume increase was partially offset by unfavorable price and mix of $32 million, primarily due to pricing and promotion actions related to raw material costs, and negative currency impact of $6 million.