FINDLAY, Ohio – Cooper Tire and Rubber Co. saw a second-quarter drop of 31 percent. The company posted net income of $35.5 million, or 55 cents a share, compared to $51.7 million, or 82 cents a share for the year-ago period.
Cooper’s sales were $884.1 million, 16 percent lower than the second quarter of last year.
Analysts had expected earnings of 95 cents a share on sales of $973.3 million.
In June, Indian tire maker Apollo Tyres said it would acquire Cooper in a $2.5 billion deal that would create the world’s seventh-largest tire company. The transaction is expected to be complete in the second half of this year.