Challenging industry conditions continue to affect Cooper Tire & Rubber’s bottom line. That’s according to a statement released from CEO Brad Hughes along with second-quarter numbers Tuesday. The quarter spanning April through June saw the company post $15 million in net income, down $30 million from the same time period in 2017. Hughes said the results are in line with stated expectations for the quarter. He added, “We continue to make solid progress in our strategic initiatives, including expanding into new sales channels.”
International tire operations continue to be a bright spot for Cooper. The division posted $168 million in net sales in the second quarter. That’s up from $151 million last year. It also saw operating profit hit $6 million, doubling the amount from the second quarter of 2017.
The Americas segment saw declining numbers. It posted $584 million in net sales for the quarter, down from $615 million a year ago. Operating profit fell from $91 million to $40 million.
Overall, Cooper saw net sales fall from $721 million to $698 million. Operating profit tumbled from $84 million in 2017 to $33 million during the second quarter of 2018.