Cooper Tire Posts Net 3Q Loss, Despite Higher Sales
ooper Tire & Rubber Co. on Wednesday reported it lost $25 million or 41 cents a share in the third quarter, compared with a loss of $840,000 or 2 cents a share in 2005.
The company cited a $10 million charge related to paring its inventory in North America, severance expenses for its former chief executive, costs associated with the closure of a facility in Athens, Ga., and higher prices for raw materials.
The company also posted an operating loss of $7.3 million, compared with an operating profit of $14.1 million in the previous third quarter.
Cooper’s North American tire operations reported sales of $552 million, up 8% compared with 2005.
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