For the second quarter, Cooper posted sales of $772.9 million, up from $730.1 million in sales for the same period in 2007. But weakening North America demand and rising raw material costs pushed the company to a net loss of $22 million for the period.

First half sales came in at $1.45 billion, up from 2007’s $1.40 billion.

Cooper’s North American operations had second quarter sales of $548 million, up 3% year-over-year. But lower sales volumes and raw material increases of some $51 million pushed the group’s quarterly profit into negative numbers, a loss of $22 million.

"We are still committed to the long term goals we established in our strategic plan,” said Roy Armes, chairman and CEO. “These include establishing a sustainable and cost competitive supply of tires, profitably growing our business, and enhancing our organizational capabilities. Developments in the macro economic environment have caused us to be guarded in our expectations of profitability for 2008, and to reduce our capital expenditure plans for the year, however our balance sheet remains strong.” (Tire Review/Akron)