Cooper Tire has reported second-quarter 2018 net income of $15 million, or diluted earnings per share of $0.30, compared with $45 million, or $0.85 per share, for the same period last year.
Second Quarter Highlights: Consolidated unit volume decreased 2.1 percent compared to the prior year, with a decrease in the Americas segment, partially offset by an increase in the International segment. Net sales decreased 3.1 percent to $698 million. Operating profit was $33 million, or 4.7 percent of net sales. Cooper repurchased $14 million of common stock at an average price of $26.66 per share.
The company began shipping the new Discoverer AT3 all-terrain product line in mid-June. “Cooper delivered second-quarter results in line with our stated expectations, including operating profit margin of 4.7 percent of net sales, up slightly from the previous quarter,” said Brad Hughes, President & Chief Executive Officer. “While challenging industry conditions have continued longer than expected, we are confident in our strategic plan, as detailed at our recent investor event. We continue to make solid progress in our strategic initiatives, including expanding into new sales channels and driving sell-in with exciting new products, such as our new AT3 line. Cooper’s brand strength and attractive value proposition, combined with our strategic initiatives, provide a solid foundation for volume and profit growth.”