BUSINESS BRIEF

Lower sales, higher cost cut into Cooper Tire's earnings

8/4/2017
BLADE STAFF
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    Cooper Tire & Rubber Co. in Findlay said that lower sales and significantly higher raw material costs cut into its second quarter earnings.

    THE BLADE/DAVE ZAPOTOSKY
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    • 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.