2/20/18 – 7:39 A.M.

Cooper Tire & Rubber saw lower net sales and operating profit in 2017. The company reported it’s full year and fourth quarter earnings this morning. The report shows Cooper had net sales of $2.8 billion in 2017, down from $2.9 billion in 2016.

The company also saw a more than 29 percent decline in year-to-year operating profit. Cooper posted $272 million in operating profit in 2017. That’s compared to $384 million the year before.

In a statement, CEO Brad Hughes said, “We are pleased to have ended 2017 with operating profit margin of 9.5 percent, which is near the high end of our previously issued 8 to 10 percent guidance range. This is noteworthy given the pricing and volume challenges within the industry throughout the year, and the significant impact of higher raw material costs.”

As for the fourth quarter, Cooper posted $757 million in net sales, down from $784 million in the fourth quarter of 2016. Operating profit in the fourth quarter of the year amounted to $47 million, a decline of $58 million from the same time frame the previous year.