Strong Sales Push Cooper to Strong First Half

Cooper Tire & Rubber Co. continued its strong 2010, posting a 27 per cent increase in sales for the second quarter and a $57 million improvement in net income for the period, reports Tire Review. Cooper posted second quarter sales of $804 million. Net income for the period came in at $44 million, up $57 million versus the same period in 2009.

Through the first six months of 2010, Cooper generated $1.6 billion in sales, compared with $1.2 billion during the same period in the prior year. Net income for the first half was $56 million, compared to a net loss of $34 million in 2009.

Cooper’s North American tire operations posted sales of $575 million during the second quarter, up from 2009 net sales of $427 million. Total light vehicle tire shipments for Cooper’s North America segment in the US increased by 25 per cent, outpacing the total industry shipment increase of 7 per cent reported by the RMA.

Operating profit for the unit was $20 million for the second quarter, a decrease of $8 million when compared with the same period in 2009. For the six months of 2010, the segment had operating profit of $33 million, a $9 million improvement compared with the first six months of 2009.