Cooper sales, earnings hit by material costs, slow demand

Findlay, Ohio – Cooper Tire & Rubber Co. suffered double-digit drops in operating income for the quarter and year ended 31 Dec as the company dealt with elevated costs related to raw materials and manufacturing and reduced unit sales and revenue.

Fiscal 2017 operating income fell 29.3% to $271.7 million (€221 million) on 2.4% lower sales of $2.85 billion, dropping the operating margin nearly four points to 9.5%.

Net income fell 61.6% to $95.4 million, as the company recorded $68 million of “discrete” tax items in the…

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