FINDLAY, Ohio (July 18)—Cooper Tire & Rubber Co. reported record earnings for the second quarter. The tire and automotive parts maker reported net income increased 113 percent from the year-earlier period to $38.98 million while sales were up 1 percent to $836 million. Cooper's tire sales dropped to $414 million from $433 million during the quarter, but operating profit rose 39 percent to $37 million, driven by improved raw material pricing, reduced litigation costs and improved operating efficiency, the company said. Cooper said its tire operations continued to gain share in the light vehicle replacement tire market during the quarter, with shipments down only 5 percent compared to the industry's decline of 7 percent. Net sales for Cooper-Standard Automotive increased 6 percent to $429 million, while operating profit for the segment increased nearly 86 percent to $44 million. Higher production volume and improved operating efficiencies gained through restructuring and lean manufacturing contributed to the increase, Cooper said.
Cooper reports record second-quarter results
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