Automobile

Cooper posts Q1 net income of US$22m

Cooper has reported first quarter 2021 net income of US$22m, compared with a net loss of US$12m for the same period last year.

First quarter highlights:

  • Global unit volume increased 16.6% compared to the first quarter of 2020
  • Net sales increased 23.3% from the first quarter of 2020 to US$656m
  • Operating profit was US$38m or 5.8% of net sales, compared to an operating loss of US$6m, or 1.2% of net sales, in 2020
  • The quarter included US$11m of costs related to the proposed merger with Goodyear
  • Net income was US$22m

“Our teams continued to do a great job executing our strategy, which resulted in first quarter 2021 volume that exceeded not only the coronavirus-impacted 2020 level, but also 2019 in both segments,” said Cooper president & CEO, Brad Hughes.

“Within the Americas segment, our US volume significantly outperformed the USTMA [US Tire Manufacturers Association] and the total industry. Our International segment volume increased nearly 50% compared to the first quarter of 2020.

“Demand remained strong for the industry and Cooper in the first quarter. Our unit volume performance in the quarter, while strong, continued to be constrained by supply that fell short of demand, caused in part by severe weather in the southern US that impacted our ability to produce and move products.

“As previously announced, Cooper stockholders overwhelmingly voted in favour of the proposed Goodyear-Cooper business combination. We expect to complete the merger in the second half of 2021, however, the transaction could close earlier, following and subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals.

“Cooper looks forward to being part of a stronger combined organisation that represents the best of what both our companies have to offer to customers, consumers, and shareholders.”

Show the press release

http://coopertire.com/news/corporate-news-releases/cooper-tire-rubber-company-reports-first-quart-(6)

Original source: http://coopertire.com/news/corporate-news-releases/cooper-tire-rubber-company-reports-first-quart-(6)


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