FINDLAY, Ohio—Cooper Tire & Rubber Co. showed similar results in net sales to last year's totals, but net income fell for the third quarter of 2018.
Sales increased by 0.5 percent to $738 million for the three-month period compared to the same last year, according to a Cooper news release. Year-to-date, net sales decreased by 3 percent to $2.03 billion.
Net sales were favorably impacted by $5 million of positive price and mix, partially offset by $1 million of unfavorable foreign currency impact, Cooper said.
Cooper Tire's net income fell by 12 percent to $55.4 million during the third quarter. The total for the year so far fell 42 percent to $80.1 million.
By segment, Americas Tire returned an increase to net sales of 0.5 percent to $629 million. Since January, net sales declined by 4 percent to $1.7 billion.
Those numbers are a result of $8 million of favorable price and mix, partially offset by $2 million of lower unit volume and $2 million of unfavorable foreign currency impact, Cooper said. Segment unit volume decreased 0.3 percent from the previous year, with a unit volume increase in North America offset by a decrease in Latin America because of continued regional economic and political challenges.
Cooper said its third quarter total light vehicle tire shipments in the U.S. increased 1.5 percent.
International Tire operations showed a decrease of 0.6 percent to $162 million for the three-month period. Year-to-date, the segment's net sales increased 8 percent to $491 million.
The period decrease was a result of $7 million of lower unit volume, partially offset by $5 million of favorable price and mix and $1 million of favorable foreign currency impact. Segment unit volume decreased 4.1 percent from the prior year, driven by a decrease in unit volume in Asia and Europe. In Asia, original equipment volume was up year-over-year but was more than offset by softness in the replacement market because of credit tightening. In Europe, an increase in third party sales was more than offset by lower shipments to the U.S.
Cooper recently decided to enter an employee consultation period to explore ceasing light vehicle tire production at its facility in Melksham, England.
The company also named Katy Dickson and Brian Walker directors of the company, effective immediately.
Dickson is a senior vice president at Mattel Inc. and president of its American Girl subsidiary since 2016. She was also chief marketing officer for News America Marketing Inc., a subsidiary of New Corp. She spent more than 23 years with General Mills, serving in marketing leadership roles, concluding with the department of vice president, marketing and general manager, Old El Paso and Betty Crocker Dinners.
Walker retired this year after 29 years with Herman Miller Inc., 14 of which he served as president and chief operating officer, as well as executive vice president and chief financial officer.
The Cooper board is increasing to 10 members with the addition of Dickson and Walker, Cooper Chairman Thomas Capo said in a statement. The appointments support the board's refreshment process as it prepares for planned succession related to future board member retirements.