Cooper Tire has reported a second-quarter net loss of US$6m, compared with net income of US$9m for the same period last year.
Global unit volume decreased 27.5% compared to the second quarter of 2019, while net sales fell 26.9% to US$496m.
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Operating profit was US$5m, or 1.1% of net sales, compared to operating profit of US$32m, or 4.7% of net sales in 2019.
“As anticipated, the global pandemic significantly impacted our results in the second quarter,” said Cooper president and CEO, Brad Hughes. “However, our performance materially exceeded our expectations and I want to thank our employees around the globe for stepping up during this challenging and unprecedented time.
“Cooper came into this situation with a strong balance sheet and with momentum building from our strategic initiatives. We took early and decisive actions to help weather the coronavirus storm and our teams seized opportunities to continue to build our business.
“As a result of their efforts and the economic recovery that started to emerge later in the quarter, Cooper was able to generate significant free cash flow for the period and grow market share in the US.
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By GlobalData“We believe this affirms the strength of the Cooper brand, and the value that our products deliver to consumers who are increasingly looking to buy high quality, affordable tyres.”
