Cooper Tire & Rubber Reports Drop in Net Sales and Operating Profit
Cooper Tire & Rubber Company (NYSE: CTB) has reported that in the first quarter of 2014 net sales were $796 million, a decrease of $65 million compared with the same period a year ago.
Operating profit for the quarter was also down, $81 million, which is $16 million lower than the first quarter of 2013 and 10.2% of net sales.
The company reported net income attributable to Cooper Tire & Rubber Company of $0.71 per share, or $45 million, in the first quarter. This compares with $56 million, or $0.87 per share, for the same period last year.
Factors impacting operating profit in the first quarter of 2014 included unfavorable pricing and mix of $96 million, which was partially offset by lower raw material costs of $67 million, manufacturing cost efficiencies of $11 million, higher unit volumes of $8 million and lower products liability costs of $2 million.
Cooper ended the first quarter with what the company noted is “a strong balance sheet, including $336 million in cash and cash equivalents, which was an increase of $64 million compared with March 31, 2013. Cash was down $62 million from December 31, 2013 consistent with typical seasonal patterns for working capital.”
Category: General Update
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