Cooper's operating earnings improve in quarter

ERJ staff report (TB)

Findlay, Ohio -- Cooper Tire & Rubber Co. reported $41.5 million in operating earnings in the second quarter despite 18.2-percent lower sales.

The Findlay-based tyre maker credited continued manufacturing improvements and lower raw material costs for the better operating results. A year ago, Cooper was $15.4 million in the red on an operating basis.

Despite the operating income improvement, Cooper posted a net loss of $13 million for the quarter, compared with a net loss of $22.2 million a year ago. Revenue for the period slid to $631.7 million on lower sales volumes.

For the first six months of 2009, Cooper lost $34.2 million, compared with a net loss of $20.5 million in 2008, as sales declined 17.1 percent to $1.2 billion. Operating profit, however, improved to $25.2 million during the period vs. an operating loss of $5.86 million in 2008.

From Tire Business (A Crain publication)