Cooper Tire & Rubber Company (NYSE:CTB) today reported a second quarter 2020 net loss of $6 million, or diluted loss per share of $0.12, compared with net income of $9 million, or $0.18 diluted earnings per share, for the same period last year.
Second Quarter Highlights
- Global unit volume decreased 27.5 percent compared to the second quarter of 2019.
- The company increased market share in the United States.
- In Asia, third-party unit sales increased 4.5 percent compared with the same period a year ago.
- Net sales decreased 26.9 percent to $496 million.
- Operating profit was $5 million, or 1.1 percent of net sales, compared to operating profit of $32 million, or 4.7 percent of net sales, in 2019.
- At the end of the second quarter, Cooper had $541 million in unrestricted cash and cash equivalents compared with $112 million in 2019 and $433 million at the end of the first quarter 2020.