Cooper Tire to Post Earnings
04/25/2008 16:50:36
FINDLAY, Ohio (AP) -- Cooper Tire & Rubber Co. says its first-quarter earnings will come in well below Wall Street estimates.
The Findlay, Ohio-based tire company said Friday that the cost of raw materials, increased charges for product liability claims and lower shipments are to blame for the reduced outlook.
Analysts surveyed by Thomson Financial were expecting earnings of 20 cents a share for the quarter ended March 31.
Findlay is expected to post its results May 7. Cooper shares fell 13 percent to a new 52-week low of $13.08 Friday. The shares have been as high as $28.50 in the past year.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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