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Cooper Tires records Q2 net sales down 1.5% to US$740m

By Simon Warburton | 8 August 2016

Cooper Tires has posted second quarter net sales down 1.5% to US$740m, while operating profit rose 10.5% to US$110m.

The supplier also recorded unit volume up 0.9%, while it also repurchased US$29.3m of stock during the quarter.

"Cooper closed the first half of 2016 with another outstanding quarter," said chairman, CEO and president, Roy Armes. "We achieved record-setting second quarter operating margin, building upon the strong results we delivered in the first quarter.

"The Americas segment posted another terrific quarter, generating operating margin of more than 17%. Our international segment performed better than expected, moving from a loss to delivering an operating profit for the period.

"Cooper continues to execute on our strategy to deliver shareholder value, including returning cash to shareholders through our quarterly dividend and share repurchases, which totalled more than US$29m during the second quarter.

"Looking ahead, while we expect the benefit of lower raw material costs will moderate, and global markets will become more competitive in the back half of this year, we look forward to a strong second half and full year 2016."