8/4/17 – 7:38 A.M.
Cooper Tire & Rubber is reporting lower second quarter numbers compared to a year ago. The company’s income statement for the three month period shows Cooper posted a net income of $45 million. In 2016, the company had $71 million in income for the same time period.
Net sales for the quarter were $721 million, down from $740 million in 2016. A release from the company says higher sales volumes for the international segment were offset by lower volumes in North America. Sales volumes were higher in the second quarter than they were in the first quarter.
Raw material costs increased by $60 million compared to 2016 numbers. CEO Brad Hughes says, “The tire industry continues to face turbulence in the U.S. market in the form of raw material cost variability, weak trends in retail sell-out of tires to consumers, elevated inventory in the channels and a fluid pricing and promotional landscape.”