Cooper posts record second quarter operating income

FINDLAY, Ohio (July 21)—Cooper Tire & Rubber Co. posted record operating income of $83.2 million for the quarter ended June 30, 2000, a 31 percent increased over last year´s second quarter operating profit of $63.5 million. Cooper had net sales of $887 million for the period, compared to $495 million during the same quarter of 1999. Net income, however, was down at $35.5 million compared to $38 million for the quarter last year. The tire maker/supplier´s sales were lead by strong performance in its automotive group, which reached $485 million, $359 million of which was attributable to the former Standard Product Co. and Siebe Automotive operations Cooper acquired last year. For the first six months of 2000, Cooper recorded net income of $67 million on sales of $1.8 billion, compared to revenue of $69.3 million on sales of $963 million for the first half of 1999. Transition activities including the closure of one manufacturing site in France, losses from one of the plastics plants and increased raw material costs in its tire segment negatively impacted its bottom line, Cooper said.