Cooper Tire & Rubber (NYSE:CTB) stock moved upwards Monday, amid the release of fourth-quarter earnings.
The company said its global unit volume decreased 9.8% compared to the fourth quarter of 2019.
Net sales decreased 2.9% from the fourth quarter of 2019 to $728 million. Operating profit was $60 million, or 8.3% of net sales, compared to $64 million, or 8.5% of net sales, in 2019.Net income was $38 million, or $0.75 diluted earnings per share.
On a full-year basis, net income was $143 million, or diluted earnings per share of $2.83, compared with net income of $96 million, or $1.91 diluted earnings per share, for the prior year. Global unit volume decreased 13% compared to the prior year.
Net sales were $2.52 billion compared to $2.75 billion the prior year. Operating profit was $231 million, or 9.2% of net sales, compared to $174 million, or 6.3% of net sales, in 2019.
"In 2020, Cooper continued to build upon the positive momentum that began in 2019, driven by execution of our strategic initiatives, which have successfully transformed Cooper into a consumer-driven company," said CEO Brad Hughes.
"Despite impacts from coronavirus, we delivered strong operating profit performance for the year and demonstrated that the value proposition of providing high quality tires at an affordable price is compelling for consumers, especially in the current environment. We are proud of the achievements of our teams around the globe."
CTB shares jumped $9.23, or 21.1%, to $53.00
