Cooper Tire second quarter income down 67%

Findlay, Ohio — Cooper Tire & Rubber Co.’s operating income plummeted 61.1% year-on-year to $32.8 million on second-quarter sales down 3.1% to $698.4 million. Net income for the three months to 30 June fell 66.9% to $15 million, compared with the year-ago period.

“Due to continuing industry challenges and, in particular, rising raw material costs, we are revising our expectations for the balance of the year. Cooper now anticipates unit volume to be flat in 2018 compared to 2017, with a modest sequential improvement in operating profit margin in the…

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