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November 3, 2015

US: Cooper Tire unveils Q3 net income up 10% to US$53m

Cooper Tire has posted third quarter net income of US$53m up 10% compared with US$48m in the same period last year, with operating profit of US$82m, a rise of 25%

Cooper Tire has posted third quarter net income of US$53m up 10% compared with US$48m in the same period last year, with operating profit of US$82m, a rise of 25%.

Net sales rose 2% excluding the impact of CCT, the company’s former joint venture in China, which contributed sales of US$150m in the third quarter a year ago (net of company eliminations). CCT was divested by Cooper in the fourth quarter of 2014.

Third quarter net sales as reported were US$782m, which compares with US$920m in the third quarter of 2014.

 Third quarter results included higher unit volume of US$50m excluding CCT, with unit volume increases in both the Americas and International segments.

The unit volume increase was partially offset by unfavourable price and mix of US$32m, primarily due to pricing and promotion actions related to raw material costs, and negative currency impact of US$6m.

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