Cooper Tire & Rubber Company saw its net income drop in the third quarter compared to last year.
In its third quarter results released on Monday, the company reported third quarter 2019 net income of $29 million, or diluted earnings per share of $0.58, compared with $54 million, or $1.07 per share, last year.
The company said net sales decreased by 4.5 percent to $704 million.
“Despite the continued impact of tariffs, we were pleased to deliver sequential operating profit margin improvement in the third quarter driven by positive trends in pricing, mix and raw materials,” said President & Chief Executive Officer Brad Hughes. “As expected, our volume was impacted by customer inventory actions in the U.S., as well as challenging market conditions in our other regions.”
He says the company continues to make progress on strategic initiatives, including expansion into new channels and efforts to optimize its global manufacturing footprint, including actions in the U.K. and a new joint venture in Vietnam.