Cooper Has Rough Third Quarter - Tire Review Magazine

Cooper Has Rough Third Quarter

(Akron/Tire Review) Cooper Tire & Rubber Co. reported a $25 million net loss for the third quarter of 2006, even as its quarterly sales were up 28% to $716 million.

Through the first nine months of 2006, Cooper posted a net loss of $51 million against sales of $1.9 billion, up 22% vs. the same period of 2005.

Cooper said the quarterly loss was due to a number of factors, including costs associated with North American inventory adjustments; $5 million in severance paid to former chairman, president and CEO Tom Dattilo; expenses related to closing its Athens, Ga., plant; and the restructuring of its European operations.

The sales increase was buoyed by the operations of Cooper Chengshan (Shandong) Passenger Tire Co. and Cooper Chengshan (Shandong) Tire Co., as well as improved sales and product mix in Europe and North America.

Cooper’s North American Tire operations reported sales of $552 million in the third quarter of 2006, up 8% from the same period last year.

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