Net income was up 349%. Operating profit was up 293%. And net sales were up 15.2%.
Do you think Cooper Tire & Rubber Co. CEO Roy Armes was pleased with his company's second-quarter 2012 results, especially compared to 2Q 2011?
He was "very pleased."
"During the quarter, we continued progress toward our goals in the midst of a challenging business environment, which demonstrates the strengthening of our business model," he says.
"While demand has been sluggish for the industry, our new products continued to do well as we exceeded industry growth in many product lines.
"While second-quarter raw material costs increased sequentially from the first quarter, costs declined during the latter part of the second quarter, and we expect further reductions as measured by our raw material index in the third quarter.
"We continue to expect capital expenditures for 2012 to total $180 million to $210 million," says Armes. "This includes investments in an ERP (enterprise resource planning) system and investments to ramp up production at our Serbian operation.
"There are more opportunities for the company to increase shareholder value as we move forward. These opportunities include building on the momentum from our new product introductions and driving cost savings to the bottom line as we become more efficient in our operations. We will also create new opportunities to enhance the effectiveness of our operations as we implement our ERP system.
"While we have confidence that the execution of initiatives defined in our strategic plan will move our business forward, the global economic climate is very uncertain, which causes us to be cautious about the near term future," he adds.
To view the company's second-quarter financial results, click "Cooper's 2Q: something to write home about."
