Cooper Tire Takes Third-Quarter Loss on Higher Costs

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ooper Tire & Rubber Co. Tuesday reported it lost $840,000 or 2 cents a share in the third quarter, down from earning $9.9 million or 18 cents a year earlier.

The company cited lower unit sales volume, higher raw material costs, and higher reported interest expense, and $1 million in debt expense relief.

Cooper withdrew its third-quarter guidance on Oct. 18, citing softer demand in the replacement-tire market and higher raw materials costs. (Click here for previous coverage.)

Sales rose 1% to $558 million, led by higher prices and improved product mix, which combined to offset lower tire unit sales, the company said in a statement.

In early August, Cooper reported a second-quarter loss of $6.9 million or 11 cents a share, compared with a profit of $34 million or 45 cents a year earlier.