Cooper Tire & Rubber Co., Ltd. recently released its financial report for the second quarter of 2012. According to statistics, its net sales in the second quarter were US$1.06 billion, an increase of 15% from the same period last year. The operating profit for the second quarter was $95 million, an increase of $71 million over the same period last year. As of June 30, 2012, Cooper's net income for the quarter was US$52 million, equivalent to US$0.82 per share, compared with net income of US$12 million, equivalent to US$0.18 per share, for the same period last year, and profit soared more than three times.
Throughout the major global markets, Cooper Tire's sales have achieved full growth. This increase has benefited from the reduction in raw material costs, improved production efficiency, and increased product sales. Sales in the North American market grew rapidly, and net sales increased by 16% compared to the same period last year. In addition to North American sales growth in the international market has steadily increased, net sales increased by 6% over the same period last year. At the same time, the sales volume of this market also hit a new high, which is an increase of 19% over the same period of last year (including sales between related companies). Among them, the performance in the Asian region was particularly outstanding, with net sales achieving a rapid growth of 16%, which was attributed to the positive role of the increase in sales of truck tires and high-end passenger cars. In addition, the operation of Cooper's new plant in Serbia also contributed to the increase in sales in the European region, with a net sales growth of 1%.
“I am very pleased with the remarkable achievements of Cooper in the second quarter. Although the industry has been sluggish before, but it turns out that our products can stand the test of the market, many product line sales growth exceeded the industry's The average value also confirms the advancement and reliability of Cooper's business model.†Roy Armes, chairman and president of Cooper Tire Global commented, “It is worth looking forward to the second half of the second quarter. The cost of raw materials began to fall, and we hope to further reduce the cost of raw materials and increase revenue in the third quarter."
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