FINDLAY — Cooper Tire & Rubber Co. said Friday that lower sales and significantly higher raw material costs cut into its second quarter earnings.
Cooper reported a profit of $45 million, or 85 cents per share, for the quarter. That was down from $71 million, or $1.27 per share, for the same period last year.
The company said total net sales were down 2.6 percent to $721 million. It reported a steeper, 6 percent decline in the Americas, while international sales were up 22 percent. Cooper said its raw materials costs in the quarter increased $60 million from last year.
Cooper’s shares rose 35 cents Friday to close at $36.35 on the New York Stock Exchange.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.