Cooper lowers Q3 expectations
Cooper Tire & Rubber Co. has adjusted its third quarter earnings expectations due to the slow economy.
"Our economic expectations at the end of the second quarter were that consumer demand and the economy in general would pick up significantly during the summer months, leading to a stronger performance in the third quarter," says Cooper Chairman, President and CEO Tom Dattilo.
"Unfortunately, the economy has not bounced back as expected and has recently declined in many areas, which will drive lower-than-expected results for Cooper."
Dattilo says Cooper's tire sales were "well below" normal summertime levels this year, "and September, which is normally one of the strongest months of the year, was particularly weak following the events of Sept. 11."
The Findlay, Ohio-based tiremaker will discuss its third quarter results in detail on Oct. 18.