FINDLAY, Ohio • Cooper Tire & Rubber Co. on Monday reported a second quarter 2020 net loss of $6 million, or diluted loss per share of 12 cents.
Last year Cooper posted net income of $9 million, or $18 cents diluted earning.
Second quarter net sales were $496 million compared with $679 million in the second quarter of 2019, a decrease of 26.9 percent
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.
“As anticipated, the global pandemic significantly impacted our results in the second quarter,” said Cooper President & Chief Executive Officer Brad Hughes. “However, our performance materially exceeded our expectations, and I want to thank our employees around the globe for stepping up during this challenging and unprecedented time.”