FINDLAY, Ohio (April 15, 2004) — Cooper Tire & Rubber Co. expects its first quarter earnings to be about 20 percent higher than previously forecast on higher sales and improved results by its Cooper-Standard Automotive unit.
The announcement sent the price of a Cooper share up 7 percent in early trading April 15 on the New York Stock Exchange.
Cooper said earnings per share will be in the range of 30 to 34 cents, vs. the previous estimate of 24 to 28 cents per share.
Cooper attributed the improved earnings outlook on the positive impact of approximately $4 million in restructuring costs, higher-than-anticipated sales and Cooper-Standard's better-than-anticipated performance — the latter due to to higher vehicle production, new business won last year and a smaller-than-anticipated impact from rising steel prices and other raw material costs.
Last month Findlay-based Cooper said it was exploring the possibility of selling its Cooper-Standard unit so it could focus its resources on its tire business.