Cooper’s Q1 2018 income at $8 million
Cooper Tire & Rubber Company has reported first-quarter 2018 net income of $8 million, or diluted earnings per share of $0.16, compared with $31 million, or $0.57 per share, for the same period last year. Consolidated unit volume decreased 6.1 percent compared to the prior year, with decreases in both the Americas and International segments. The Net sales decreased 6.5 percent to $601 million. Operating profit was $26 million, or 4.4 percent of net sales, which is a decrease of $32 million from the same period a year ago. The company said that it had repurchased $16 million of its common stock during the quarter at an average price of $33.15 per share.
“Cooper’s first-quarter U.S. volume performance was generally aligned with USTMA trends, which were weaker than expected due to slow consumer sell-out within the industry that continued from 2017. The decrease in our first quarter operating profit, adjusted for one-time items, was more than explained by weaker volume and higher manufacturing costs as we made production adjustments to keep our inventories in line with current market conditions,” said Brad Hughes, President & Chief Executive Officer.