Cooper Tire & Rubber Co. today released its long-awaited financial results from the third quarter of last year, numbers that were delayed by the lack of reporting because of labor problems at its joint-venture plant in Rongcheng, China.
Cooper reported net sales at $832 million, a decrease of $263 million from ther third-quarter of 2012.
It also reported its operating profit for the third quarter was $28 million, which is $102 million lower than the same period last year and 3.4 percent of net sales.
But the end result for the third-quarter was a net loss of $168,000. This compares with a net profit of $74 million, for the third quarter of 2012.
Cooper Chief Executive Officer and President Roy Armes said that issues surrounding the failed merger with India’s Apollo Tyres Ltd. “had a significant negative impact on our third-quarter results and we expect some carryover of these negative impacts to a lesser degree in the near term.”
Cooper did say it benefited from lower costs for raw materials, but gains there were more than offser by “unfavorable pricing” and other factors.