By NEMS Daily Journal
FINDLAY, Ohio – Cooper Tire & Rubber Co. said Thursday it’s second-quarter net income was $11.5 million, or 18 cents a share. That’s down from last year’s earnings of $44 million, or 70 cents a share.
Cooper said sales were $922 million for the most recent quarter, an increase of $118 million, or 15 percent, from a year earlier.
But lower volumes in its North American and international operations this year cut profit by $154 million, and $194 million in higher raw materials costs also sliced into the bottom line.