Second quarter results for Cooper Tire & Rubber show lower profits for the Findlay-based company.
Friday’s filing with the SEC shows Cooper posted a net income of $45 million between April and the end of June. In 2016, the company had $71 million in income for the same time period.
While net sales were higher than first quarter numbers, they were still down 2.6% compared to last year. Net sales in the second quarter of this year were $721 million, compared to $740 million last year.
In a statement, CEO Brad Hughes said, “we ended the quarter on a strong note, growing U.S. volume over the prior year and outperforming the industry in June. Cooper also achieved strong year-over-year second quarter unit volume increases in Latin America and Asia.”
Higher manufacturing costs and raw material prices were an issue in the second quarter. Raw material costs increased by $60 million compared to 2016 numbers.