Operating profit up in Q2 as Cooper Tire benefits from raw material prices

摘要

Cooper Tire & Rubber blames the absence of Cooper Chengshan Tire (CCT) from the company's books for the 15.4 per cent year-on-year drop in sales experienced during the second quarter of 2015. The company's share in the Chinese joint venture tyre maker was sold in the final quarter of last year. Second quarter 2015 sales amounted to US$752 million, compared with $889 million a year earlier, and in reporting this figure Cooper notes that CCT contributed sales of $172 million, net of intercompany eliminations, in the second quarter of 2014. Excluding the impact of CCT, Cooper Tire & Rubber's second quarter 2015 sales rose five per cent year-on-year as a result of $64 million worth of higher unit volume gained both in the Americas and International business units. This unit volume increase was partially offset by unfavourable price and mix of $20 million, related to lower raw material costs, and negative foreign exchange of $8 million.