Cooper announces Q2 results
Cooper Tire & Rubber Co.'s net income for the second quarter totaled $13 million, a $26 million drop from the company's all-time record net income for the same period last year.
However, Cooper's Q2 2003 net sales rose to $840 million, a $4 million increase over Q2 2002.
The Findlay, Ohio-based tiremaker's second quarter operating profit totaled $38 million.
Cooper's Tire Group reported net sales of $432 million during Q2 2003, a 4% increase over the same period last year. However, its second quarter operating profit was $14 million vs. $37 million for Q2 2002.
"The decline was the result of significantly higher raw material costs, lower volumes in North America, and the cost of temporary production curtailments and plant inefficiencies," say Cooper officials.
Sales of Cooper's high performance tire lines, including its new Zeon 2XS, "showed strong growth and added to the improved product mix, as did P-metric SUV tires."
Cooper's ultra-high performance sales grew by a whopping 85% during Q2 2003 while its SUV tire sales increased 24%.
"Overall, unit sales of Cooper brand tires increased by more than 8%."
Looking ahead, Cooper Chairman, President and CEO Tom Dattilo believes that "market conditions are improving. We remain confident that we are well-positioned and have the right plans in place to maximize opportunities and earnings."