Cooper posts record sales during second quarter
Cooper Tire & Rubber Co. achieved net sales of $751 million during the second quarter, a record for the company and a $126 million increase over the second quarter of 2006.
"During the quarter, the company continued to benefit from the cost reduction and profit improvement initiatives it announced in September 2006, as well as improved price and mix in North America," say Cooper officials.
"As a result, operating profit improved to $32 million in the second quarter of 2007 compared to an operating loss of $26 million in the second quarter of 2006."
In North America, Cooper posted $554 million in sales during 2Q 2007, up 20% versus $463 million during the same period last year.
The increase was driven by improved pricing and unit volume increases "across all market segments," say Cooper officials.
"Sales of private brand tires were particularly strong in comparison to the prior year."
Cooper's North American Tire unit generated $23 million in operating profit during the quarter.