Cooper discloses third quarter results
Cooper Tire & Rubber Co.'s third quarter sales totaled $791 million, down $53 million from the same period last year.
Cooper's Q3 net income was $14 million, while its operating profit for the quarter reached the $46 million mark, a $14 million drop from the third quarter of 2000.
The company's Tire Group reports Q3 net sales of $462 million, 4% less than last year. Third quarter operating profit for the Tire Group was $45 million compared to $51 million in Q3 2000.
Cooper's light truck tire sales rose 4% during the third quarter; its medium truck tire sales grew nearly 13%. "However, sales of passenger tires were adversely impacted by the slowing economy," say company officials.
"Price increases, improved product mix and savings on raw material costs were more than offset by the overall decline in sales, lower production volumes related to the company's ongoing efforts to reduce inventory, and continuing product liability and litigation costs."
Cooper's restructuring program, which is scheduled for completion in early 2002, saved the tiremaker $4 million in the third quarter "and we remain confident that the expected annualized cost savings of $25 to $30 million will be achieved as planned," says Tom Dattilo, Cooper's chairman, president and CEO.
"We continue to aggressively pursue cost cutting initiatives in all aspects of our business."