Cooper Tire & Rubber Co. (CTB) reported third quarter 2020 net income of $123 million or $2.42 per share, up from $29 million or $0.58 per share last year.
Operating profit was $172 million compared with operating profit of $53 million in the third quarter of 2019. The quarter included $48 million of favorable raw material costs, $35 million of favorable price and mix, $2 million of lower manufacturing costs, and $1 million of higher unit volume. It was partially offset by $5 million higher selling, general and administrative expenses and $2 million of higher other costs.
Net sales were $765 million, an increase of 8.6 percent from last year. Third quarter net sales were positively impacted by $55 million of favorable price and mix, $4 million of higher unit volume and $2 million of favorable foreign currency impact.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share and revenues of $650.68 million. Analysts' estimates typically exclude special items.
The company expects modestly lower global unit volume for the second half of 2020 compared to 2019. It expects to achieve operating profit margin within its stated mid-term target of 10 to 14 percent for the second half 2020, excluding the $49 million benefit from the adjustment of its product liability reserves in the third quarter.
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