19 Oct 2005
Findlay, Ohio --Cooper Tire & Rubber Co. has withdrawn its prediction about its third-quarter profits, citing changing market and company conditions.
Cooper said on Aug. 2 it expected to post earnings of 10 to 14 cents in the third quarter, including an 8-cent impact from the strike in Texarkana, Arkansas, earlier this year. Now other factors have arisen, including softer industry demand in the North American tyre aftermarket, lower than anticipated sales, changes in raw material costs, and higher shipping, transportation and higher energy expenses.
Cooper did not provide revised guidance. The company will report its third quarter results Nov. 8.
On Oct. 6, Standard & Poor´s downgraded Cooper's credit rating to "junk" status, citing poor near-term earnings and cash flow prospects.
From Rubber & Plastics News (A Crain publication)
Press release from Cooper
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