FINDLAY — Cooper Tire & Rubber Co., despite announcing a second-quarter profit Thursday as compared to a loss a year ago, watched its stock drop 10 percent.
The Findlay replacement-tire manufacturer reported second-quarter profit of $44 million, or 70 cents a share, compared with a loss of $13 million, or 11 cents a share, for the same period a year ago.
It had sales for the quarter of $804 million, up 27 percent from $632 million a year ago. Analysts had estimated sales would be $823 million. Its performance was hurt by increased raw-material costs, the company said.
Investors were not impressed. The stock dropped $2.25 Thursday, closing at $20.50 a share on the New York Stock Exchange.