Tuesday, Jul 26, 2016
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Economy

Cooper Tire boosts its profit estimate

FINDLAY - Cooper Tire & Rubber Co. announced yesterday its first-quarter profit will be 30 cents to 34 cents a share, up from the company's previous estimate of 24 cents to 28 cents a share.

Unlike the previous estimate, the revised number includes the affect of about $4 million in restructuring costs, according to the tiremaker and auto parts supplier. The new estimate thrilled investors as the company's stock climbed $2.48 a share yesterday, closing at $22.99 on the New York Stock Exchange.

Higher sales for the company overall, combined with a strong operating performance for its auto parts business - for which Cooper Tire is seeking a buyer - resulted in the higher estimate, the company said. First-quarter results are to be announced Thursday.

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