Cooper Tire & Rubber Company (NYSE:CTB) saw its shares gain momentum Monday morning, on the release of full-year financial figures.
The company, out of Findlay, Ohio, said full year 2019 net income of $96 million, or diluted earnings per share of $1.91, compared with $77 million, or $1.51 per share, last year.
Moreover, unit volume decreased 3.9% from 2018. Net sales were $2.75 billion compared to $2.81 billion the prior year. Operating profit was $174 million, or 6.3% of net sales, compared to $165 million, or 5.9% of net sales, in 2018.
In the fourth quarter, Unit volume decreased 2.6% compared to the fourth quarter of 2018. Net sales decreased 2.6% to $750 million.
Operating profit was $64 million, or 8.5% of net sales, compared to $25 million, or 3.2% of net sales, in 2018. Net income was $51 million, or $1.02 per share.
CEO Brad Hughes said, "Cooper has made a great deal of progress on the strategic initiatives we outlined at our May 2018 Investor Day.
"With a focus on the consumer, we have continued to execute a physical and e-commerce retail expansion effort that now has Cooper products available in the top five tire retailers in the U.S.
"We have improved our product mix through a continued focus on high value-add tires, forged ahead into the original equipment (OE) space with Mercedes-Benz as a key customer, and delivered a strong cadence of compelling new products.
Shares jumped 88 cents, or 3.3%, to $27.70
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