Cooper Tire & Rubber Withdraws FY20 Outlook Amid COVID-19 - Quick Facts

(RTTNews) - While reporting financial results for the first quarter on Thursday, tire maker Cooper Tire & Rubber Co. (CTB) said it is withdrawing its previously announced financial guidance issued on February 24 for the full-year 2020, due to the rapidly evolving environment and continued uncertainties resulting from the coronavirus (COVID-19) pandemic.

The company added that it cannot at this time predict the extent or duration of the pandemic and its impacts on financial and operating results for the full year.

Given that the coronavirus will likely have a significant impact on the second quarter, it believes it will be the most challenging quarter of its year for operating profit.