Changing conditions change Cooper's expectations
Cooper Tire & Rubber Co. says it has withdrawn its guidance for expected earnings in the third quarter of 2005, which it issued Aug. 2. The company cited various market and company specific factors that changed materially from management's assumptions at the time the guidance was issued.
These factors included the following:
* softer industry demand in the North American replacement tire market (which led to lower than anticipated sales);
* changes in raw material costs;
* higher shipping and transportation costs; and
* higher energy costs.
Cooper says it will provide additional details on the impact of these factors on its operations when third-quarter results are finalized and reported to the public on Nov. 8, 2005.