Cooper achieves $2.04bn 1H sales
Cooper Tire & Rubber Co. reported net income of $86.6 million for the first half of 2012, against total sales of $2.04 billion for the period, Tire Review reports. The first half sales were up compared to $1.82 billion for the same period in 2011, and net income surpassed last year’s $32.9 million.
“While demand has been sluggish for the industry, our new products continued to do well as we exceeded industry growth in many product lines,” said Roy Armes, chairman and CEO. “While second quarter raw material costs increased sequentially from the first quarter, costs declined during the latter part of the second quarter and we expect further reductions as measured by our raw material index in the third quarter.
“We continue to expect capital expenditures for 2012 to total $180 million to $210 million. This includes investments in an ERP system and investments to ramp up production at our Serbian operation,” he said.