The Cooper Tire & Rubber Co. revised its first quarter earnings expectations indicating that net income would likely be in the range of 17 to 21 cents per share. Current analyst consensus is 25 cents per share.
Cooper's Chairman, President and CEO Thomas Dattilo attributed the lower expectations to continuing weakness in the North American replacement tire market. "Replacement tire demand remains very soft, product mix has been weak, and raw material costs have been even higher than we expected. On the other hand, our automotive group operations have performed as expected, with sales exceeding last year's first quarter," Dattilo said.
The company expects to release its first quarter results on April 17.
