Cooper Tire Withdraws Guidance, Cites Higher Costs

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ooper Tire & Rubber Co. withdrew its third-quarter earnings guidance on Tuesday, citing softer demand in the replacement-tire market and higher raw materials costs.

The company cited market and company-specific factors that it said “changed materially from management's assumptions at the time the guidance was issued” on Aug. 2.

Besides softer demand and higher materials costs, it also cited higher shipping and transportation costs and higher energy costs.

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.

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