Friday, Aug 26, 2016
One of America's Great Newspapers ~ Toledo, Ohio

Economy

Profit slips at Cooper Tire; strike cited

FINDLAY - Cooper Tire & Rubber Co. yesterday blamed a month-long strike this spring at its Texarkana, Ark., factory for a second-quarter loss of $7 million, or 11 cents a share, compared with a profit of $34 million, or 45 cents a share, for the same period a year ago.

The tire maker said the work stoppage, which ended with a labor agreement in April, reduced profit by $9 million, or 15 cents a share, in the quarter and by $14 million, or 22 cents a share, for the first half of this year.

Net sales for the company increased to $511 million in the quarter from $509 million a year earlier.

Executives said the company will have some lingering impacts from the strike but said they expect improved third and fourth-quarter sales in comparison with last year.

They also said they expect earnings of 10 to 14 cents a share in the third quarter.

•

The Andersons Inc., of Maumee, reported a record second-quarter profit yesterday of $10.4 million, or $1.35 a share, up 3 per cent from $10.1 million, or $1.35 a share, for the same period a year ago.

The agribusiness and retail company said it had sales for the quarter of $365 million, down 3 percent from $375 million from a year ago.

The company said that one of its Toledo grain elevators, severely damaged by an explosion and fire in July, will require repairs that will extend into 2006.

As a result, 2005 income will be reduced.

However, that will be mostly offset in 2006 when insurance claims are processed, leaving profit for the two years largely unaffected.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2015 Toledo Blade

To Top

Fetching stories…