FINDLAY, Ohio (April 9)—Cooper Tire & Rubber Co. lowered its forecasts for operating profits to $30 million to $35 million from $47 million on production declines in both the automotive and tire sectors. Replacement tire shipments also were weaker than expected during the quarter on an industry decline of 8 percent compared to last year´s first quarter. In addition, Cooper said it incurred higher than expected provisions for accounting adjustments related to its retirement plan and other benefit costs, litigation costs and product liability settlements, "due in part to greater activity following the Firestone recall." Cooper will release its first-quarter earnings April 19.
Cooper lowers first-quarter earnings expectations
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