Cooper's third-quarter earnings down on slower economy, restructuring, liability costs

FINDLAY, Ohio (Oct. 18)—Cooper Tire & Rubber Co. reported net income of $14.4 million on net sales of $791.5 million for the third quarter ended Sept. 30, which compares to earnings of $23.4 million on revenue of $843.6 million during the same period of 2000. Price increases, improved product mix and $7 million worth of raw material savings were more than offset by overall declines in sales and production volumes, the tire and automotive parts maker said. During the quarter, Cooper realized $4 million—of the total $25 million to $30 million expected—in cost savings related to its restructuring program which is on track and due to be completed next year, said Chairman, President and CEO Thomas A. Dattilo. Cooper Tire, with segment sales for the quarter of $461.8 versus $482 million last year, outperformed the market in light and radial medium truck tires, but underperformed the industry in passenger tires, he told analysts during a conference call. Cooper Standard Automotive racked up $40 million in future, new business during the quarter, but its sales fell with vehicle production volumes, to $335.9 million for the quarter versus $368.2 million during the same three-month period of last year.