Cooper Tire profit dips; Libbey posts $3.2M loss
10/22/2004FINDLAY - Cooper Tire & Rubber Co. yesterday reported a profit of $9.9 million, or 13 cents a share for the third quarter, down 44 percent from $17.8 million, or 24 cents a share, for the period a year ago.
The tiremaker's earnings included a per-share reduction of 20 cents for restructuring charges and an addition of 10 cents from adjustments for lower warranty liabilities.
The firm said it had record third-quarter tire sales of $551 million. The figure does not include its auto parts operations, which have tentatively been sold in a deal to be completed by year's end.
The company also said it would reactivate a share repurchase program, under which authorization for up to 8.7 million shares remain.
Toledo's Libbey Inc. yesterday said it had a loss of $3.2 million, or 23 cents a share in the third quarter, down from a profit of $12 million, or 88 cents a share, for the same period a year ago.
The tableware company took a $11.7 million charge related to the upcoming closure of its City of Industry, Calif., factory. Libbey expects to take a $2.7 million charge this quarter and $2.3 million charge next quarter related to the closure.
The firm said it had sales for the quarter of $131.8 million, up 2 percent from $129.1 million a year ago.
BOWLING GREEN - Sky Financial Group Inc., the parent of SkyBank, yesterday reported third-quarter profit of $46.1 million, or 43 cents a share, up 11 percent from $41.6 million, or 46 cents a share, from the same period a year ago.
The company said it had net interest income of $122.5 million, up from $101 million a year ago, and assets of $14.5 billion, up from $12.6 billion a year earlier.