FINDLAY, Ohio (Oct. 21)—Despite record-breaking sales of $551.4 million, Cooper Tire & Rubber Co.'s net income fell to $9.9 million in the third quarter from $17.8 million in the like period last year.
Much of the income drop was attributed to a loss of $3 million from discontinued operations, which were included in the financial report.
Net income increased to $68.1 million in the first nine months of 2004 from $43.6 million last year while sales jumped 15 percent to $1.5 billion.
In September, Cooper Tire said it will sell its the Cooper-Standard Automotive division to two New York-based investment equity groups for about $1.7 billion. The firm has designated the group a discontinued business as it has its Clarksdale, Miss., tube facility, which Cooper Tire said will close.