Cooper's sales, profits rise in Q2

ERJ staff report (DS)

Findlay, Ohio -- Cooper Tire & Rubber Company said sales and profits for the three months to June 2012 increased. Net sales reached $1.06 billion, an increase of $140 million, or 15 percent, compared with the second quarter of 2011. Operating profit was $95 million for the quarter, an increase of $71 million from the prior year same quarter.

Results during the quarter included a pre-tax gain of $7 million related to the curtailment of a pension plan at the Company's United Kingdom operations.

North America Tire Operations achieved net sales of $771 million during the second quarter, up 16 percent from 2011 net sales of $663 million

The Company's International Tire Operations reported second quarter sales of $419 million, an increase of $23 million, or 6 percent, compared with the second quarter of 2011. Record unit shipments increased 19 percent over the same quarter in 2011, including intercompany shipments. Asian sales volumes increased 16 percent, while European sales volumes increased 1 percent. Higher Asian sales were driven by improved truck and bus radial and premium passenger car tire sales. European sales volumes increased as a result of sales volumes of the new operations in Serbia.

Roy Armes, Chief Executive Officer, commented, "I am very pleased with our results for the second quarter. During the quarter we continued progress toward our goals in the midst of a challenging business environment, which demonstrates the strengthening of our business model.

"We continue to expect capital expenditures for 2012 to total $180 million to $210 million. This includes investments in an ERP system and investments to ramp up production at our Serbian operation.

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Press release from Cooper