Cooper Tire & Rubber Co. today reported second quarter net income of $39 million, a company record for second quarter results. That's a 113% increase over the same period last year.
Earnings per share for the quarter were 52 cents, also an all-time company record.
Record results were achieved on continued strong sales in the company's automotive components group and improved operating efficiencies in both tire and automotive operations, the company says.
Net sales were $836 million, up 1% compared with the second quarter of last year, and operating profit increased 62% to $79 million for the quarter.
For the first six months of the year, Cooper recorded net sales of $1.6 billion, an increase of 4% over the same period a year ago. Operating profit for the first six months was $140 million, up 90%, and net income was $65 million, up 196% compared to last year.
"We worked very hard to execute our plans and implement our strategies. These record-breaking results indicate how well we have done and the potential for even greater improvement," says Tom Dattilo, Cooper's chairman, president and CEO.
Tire group operations had net sales of $414 million for the second quarter, compared to $433 million in the second quarter of 2001. Operating profit was $37 million, up 39% over last year.
This increase was from improved raw material pricing, reduced litigation costs and improved operating efficiency, partially offset by changes in product mix and lower unit volumes, the company says.
Cooper continued to gain share in the light vehicle replacement tire market during the quarter, the company notes. Unit shipments of these tires were down 5%, stronger than the industry-wide decline of 7%.
For the first six months of the year, Cooper's North America unit volumes were up nearly 5% while industry volumes were down about 2%, the company says.
