Cooper Tire & Rubber Co. sales, net income and profit are down for the first half of 2014, but its balance sheet is up.
The tiremaker reported that its net income is $84 million verses $92 million last year and its sales have decreased from $1.75 billion to $1.69 billion. Additionally, Cooper’s operating profit is $158 million compared to $166 million last year.
The company had a strong balance sheet with $327 million in cash and cash equivalents compared to $244 million last year, it said.
In North America the tiremaker reported a 2% decrease in sales from $1.23 billion to $1.2 billion. Additionally, its operating profit of $133 million rose 2% from 2013, the company said.
Looking forward, Roy Armes, chairman, president and CEO of Cooper, said the third quarter is typically the company’s strongest and he expects to build on “momentum as raw material costs remain favorable and demand looks solid.”
Armes also said the company will continue to determine long-term ownership of its Cooper Chengshan Tire Co. joint venture in Rongcheng, China.
“China will continue to be an important part of Cooper’s long-term growth strategy whether or not we own CCT,” Armes noted.
