Cooper Standard Reports Third Quarter Earnings and Increases Guidance

On October 31, Cooper Standard Holdings (CPS) reported third-quarter earnings that came in below estimates. Third quarter EPS were $2.11, which was $0.26 below analyst estimates. The company, however, updated its guidance on profit margins and sales. Cooper Standard raised fourth-quarter revenue estimates from $3.55 billion to $3.58-3.61 billion.

 

Sonal picked up the news and issued an alert at 4:30 pm on October 31. The next trade took place in after-market trading hours at 5:43 pm for $110. The stock opened at $107.02 on the morning of November 1.Cooper Standard’s stock price fell at the market open on the news of the quarterly earnings falling below the market estimates, but investors pushed the price higher throughout the remainder of the day in response to the improved guidance for the fourth quarter. The stock price closed at $115.52 on November 1.

 

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