US Tyre Shipments Strong in June
US tyre shipments rose 4.2 per cent year-on-year in June, possibly boosted by pre-buying ahead of June price increases. Deutsche Bank analysts, who also calculated the figures, found that shipments for the full quarter were in line with expectations, rising 1.5 per cent compared with the second quarter of 2004. As a result of the strike early in the second quarter, the analysts expect Cooper Tire to “underperform the industry during the quarter.”
In contrast the report suggests Goodyear and other tyre manufacturers outperformed the market in the same period. “We continue to expect an inflection point for Cooper Tire in the third and fourth quarters, as production and industry pricing levels continue to rise,” said the analysts.