10/31/16 – 7:23 A.M.
Cooper Tire and Rubber is reporting a slight decline in operating profit and net sales for the third quarter of 2016. Numbers released this morning show Cooper had net sales of $751 million in 2016, compared to $782 million in 2015. Operating profit was $78 million, down $4 million from 2015 Q3 figures.
A release from the company says an $11.5 million non-cash pension settlement affected operating profit. Higher manufacturing costs and negative foreign currency also affected operating profit.
A statement from CEO Brad Hughes says, “Excluding the $11.5 million pension settlement charge, our third quarter operating profit would have been 11.9 percent of net sales, a result that continues to be above our medium-term goals.”
Net sales dropped four percent compared to the third quarter of 2015. The release says unfavorable price and mix had a $17 million impact. Hughes talked about net sales in Monday’s release, saying, “Despite a decline in net sales, our Americas segment generated operating profit margin of more than 15 percent, including the impact of the preliminary tariffs on truck and bus radial tires imported from China into the United States.”Read More →