Commercial Business Consumer Tires Retail Suppliers Wholesale Distribution

Cooper’s 2Q operating profit down $10 million

Order Reprints

Cooper Tire & Rubber Co. reported net income of $12 million for the quarter ended June 30, 2011. The total is a decrease of $7 million from the same period in 2010. 

Net sales were $922 million, an increase of $118 million, or 15% from 2010. Operating profit was $24 million for the quarter, a decrease of $10 million from the prior year same quarter. The company reported net income of 18 cents per share from continuing operations on a diluted basis compared with 30 cents in the second quarter of 2010. 

Cooper says lower volumes in the North American and International segments reduced profits by $14 million compared with a year ago. Products liability costs were $12 million higher. Improved price and mix of $184 million during the quarter was more than offset by $194 million of higher raw material costs.

Compared to the prior year, improved manufacturing efficiencies lowered costs by $13 million. Selling, general and administrative and other costs were lower by $7 million, at 5.3 percent of net sales. Second quarter results in 2010 included $7 million of restructuring costs.

Cooper has posted a summary presentation of information related to the quarter on its Web site at http://coopertire.com/Investors/Financials/Quarterly-Summary.aspx.

Related Articles

Cooper to Recall Certain Grand Touring Tires

Sales Makers or Order Takers? How to Determine 'Who’s Who' on Your Team

Alliance Will Build Third Plant in India

You must login or register in order to post a comment.