Cooper 3Q figures – sales up, profits down

Cooper Tire & Rubber has published its third quarter figures. Sales totalled $913 million ($839 m in 3Q 2002), with tyre sales a record $526 million – 13 per cent up on the 3Q 2002 figure of $464 million. Operating profit on tyre sales was $34 million ($27 m).

Despite these good sales figures, profits were hit as, overall, Cooper’s net income was $18 million, compared with $23 million in 3Q last year. Looking ahead, chairman, president and CEO Thomas A. Dattilo said that the company was “optimistic about improving conditions in the tyre industry.