Cooper Tire & Rubber Co. said its second-quarter earnings dropped below market expectations, though it expects earnings would improve overall by the end of the year.
Findlay, OH-based Cooper said second-quarter earnings would fall between 13 to 17 cents per share, down slightly from earnings of 21 cents a share in the first quarter and 52 cents a share in the second quarter of 2002.
Cooper added that its second-quarter results include charges of 2 cents per share for restructuring costs, 4 cents per share related to temporary tire plant shutdowns, and 2 cents for a minor accrual adjustment and the write-off of certain tooling assets. However, Copper did get a 6 cent per share boost from reduced product liability and litigation expenses.
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