Findlay, Ohio — Cooper Tire & Rubber Co.’s operating income plunged 31.9% for the quarter ended June 30 on the negative effects of higher raw materials costs and lower sales.
Second quarter operating profit fell to $74.8 million on 2.7-percent lower sales of $720.8 million, dropping the operating ratio 4.5 points to 10.3%. Net income dropped 35.9% to $45.3 million.
Cooper cited “unfavorable” raw materials costs ($35 million), higher manufacturing costs ($9 million) and lower unit volume ($9 million) for the drop in income.
For the six-month period,…