Cooper Tire has reported second-quarter net income of US$15m, down from US$45m last year.
Net sales also fell 3% to US$698m, while operating profit was US$33m.
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“Cooper delivered second quarter results in line with our stated expectations, including operating profit margin of 4.7% of net sales, up slightly from the previous quarter,” said Cooper Tire president & CEO, Brad Hughes.
“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 initiatives, including expanding into new sales channels and driving sell-in with exciting new products, such as our new AT3 line.”
Second quarter 2018 operating profit was US$33m compared with US$84m for the same period last year. Operating profit for the second quarter of 2017 has been restated to reclassify US$9m of other pension and post-retirement benefit costs out of operating profit.
Operating profit for the second quarter included US$21m of higher manufacturing costs and US$20m of unfavourable price and mix, net of raw material costs. Higher manufacturing costs reflect the alignment of production to demand in order to control inventory levels.
In addition, operating profit decreased US$4m related to lower unit volume.
