Cooper Tire & Rubber Company reported full-year 2020 net income at $143 million, compared with a net income of $96 million for the prior year.
In 2020, the company also reported global unit volume decreased 13% compared to the prior year. Net sales were $2.52 billion compared to $2.75 billion the prior year, and operating profit was $231 million, or 9.2% of net sales, compared to $174 million, or 6.3% of net sales, in 2019.
In the fourth quarter, Cooper’s global unit volume decreased 9.8% compared to the fourth quarter of 2019. Net sales decreased 2.9% from the fourth quarter of 2019 to $728 million. Operating profit was $60 million, or 8.3% of net sales, compared to $64 million, or 8.5% of net sales, in 2019. Net income was $38 million.
“In 2020, Cooper continued to build upon the positive momentum that began in 2019, driven by execution of our strategic initiatives, which have successfully transformed Cooper into a consumer-driven company,” said President and CEO Brad Hughes. “Despite impacts from coronavirus, we delivered strong operating profit performance for the year and demonstrated that the value proposition of providing high-quality tires at an affordable price is compelling for consumers, especially in the current environment. We are proud of the achievements of our teams around the globe.”
Cooper also recently announced it will be acquired by Goodyear. For more details on that story, click here.