FINDLAY, Ohio (Aug. 6) — Cooper Tire & Rubber Co. reported a $17.6 million profit in the second quarter as net sales rose 20.1 percent to a record $750.6 million.
The profit is an improvement over last year´s net loss of $20.7 million. Cooper said it benefited from its cost reduction and profit improvement plans announced September 2006 as well as improved price and mix in North America and increased tire unit sales in its International segment.
For the first half of the year, sales rose 17.9 percent to $1.44 billion from $1.22 billion a year ago. The Findlay-based tire maker also posted net income of $38.4 million versus a loss of $25.9 million the prior year period.
In North America, second quarter sales increased 19.5 percent to $553.7 million. Cooper attributed the gain to improved pricing and increased unit volume across all market segments, including a 13-percent gain in unit shipments of light vehicle replacement tires in the U.S. Sales of private label tires also were strong.
North America´s sales in the half were up 13.4 percent to $1.09 billion from $959.3 million a year ago.
President and CEO Roy Armes said he expects to continue the firm´s momentum in the second half with improvements both in North America and internationally and low inventory levels through the rest of the year.