Cooper Tire sales up, income down

LSRUNQI

Cooper Tire sales up, income down
2 D( {7 ~/ t# M* I; gMonday, August 8, 2011

8 b  O+ E6 c+ c9 r) dFindlay, OH - Cooper Tire & Rubber reported net income from continuing operations attributable to Cooper Tire of $12 million for the quarter ended June 30, a decrease of $7 million from the same period in 2010. Net sales were $922 million, an increase of $118 million, or 15%, from the prior year. Operating profit was $24 million for the quarter, a decrease of $10 million from the prior year same quarter. The company reported net income of 18 cents per share from continuing operations on a diluted basis compared with 30 cents in the second quarter of 2010. Lower volumes in the North American and international segments reduced profits by $14 million compared with a year ago. Products liability costs were $12 million higher. Improved price and mix of $184 million during the quarter was more than offset by $194 million of higher raw material costs. Compared to the prior year, improved manufacturing efficiencies lowered costs by $13 million. Selling, general and administrative and other costs were lower by $7 million, at 5.3% of net sales. Second quarter results in 2010 included $7 million of restructuring costs.