Cooper Tire And Rubber See Increases In Profits Despite Lower Sales Than Last Year
10/30/17 – 10:18 A.M.
Lower product liability costs increased Cooper Tire and Rubber’s operating profit and stock prices while net sales fell short. The quarter 3 standings showed that Cooper had a net income of $62 million. That’s up from $49 million during the same quarter last year. Shares also went to $1.18 per share compared to $.90 last year. Operating profit went up by $23 million from the 2016 third quarter. Cooper’s operating profit hit $101 million this year but last year only hit $78 million.
Cooper saw profits rise but net sales are down 2.3%. Sales made $751 million in 2016 but only hit $734 million this year.