Skip to main content
EVENT TRACKER
Keep track of rescheduled, canceled industry events with our COVID-affected event tracker - Powered by Snap Finance
Close
Sister Publication Links
  • Rubber & Plastics News
  • European Rubber Journal
tb-logo
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • OPINION
    • CORONAVIRUS
    • AUTO INDUSTRY
    • BUSINESS/FINANCIAL
    • COMMERCIAL TIRE
    • FACTORY FIXES
    • GOVERNMENT & LAW
    • INTERNATIONAL
    • MOTOR SPORTS
    • NEW PRODUCTS
    • RETAIL TIRES
    • SERVICE ZONE
    • SEMA/AAPEX
    • SMALL BUSINESS
    • TIRE MAKERS
    • SPONSORED CONTENT
    • TBC Corp. to make donation to company charity to reward vaccinated employees
      Titan to offer free COVID-19 vaccines at Iowa facility
      Bridgestone hosts vaccination events for plant employees
      Cioffi: Will remote working be the new normal?
    • SEMA closes deal for SEMA Garage property in Michigan
      Conti adding dynamic driving simulator at German R&D center
      Yokohama gains OE fitments on BMW, Mercedes-AMG sport utilities
      SEMA picks site in Michigan for 2nd SEMA Garage
    • Pirelli adds 3rd North American bicycle tire distributor
      Goodyear goes retro for 'Throwback' NASCAR race at Darlington Raceway
      Keter to expand NeoTerra SKUs through mid-2022
      Federal approved as 5th Formula Drift tire supplier
    • Vipal targets North America for machinery sales growth
      Commercial tire, retreading sectors on solid footing
      JK Tyre adds radial truck tires to U.S. portfolio
      Mitchell 1 enhances ADAS info access in TruckSeries software
    • New York chipping in $3M+ toward Sumitomo factory expansion
      SBA extends and expands COVID-19 loan program
      Stimulus spending should help tire industry
      U.S. agro-science firm gets $1M grant to research sunflower latex
    • Bridgestone to upgrade Japanese OTR tire plant
      Point S Canada signs point-of-sale agreement with Flexiti Financial
      Fountain Tire promotes pair to new executive roles
      ETRMA adding Nexen and Czech and Slovak trade groups to membership
    • Goodyear goes retro for 'Throwback' NASCAR race at Darlington Raceway
      Federal approved as 5th Formula Drift tire supplier
      Maxxis offers discount to ChampCar competitors
      Michelin strikes supply deals with new Canadian racing series
    • Yokohama OHT adds severe-duty solid tire to Galaxy brand
      Bosch adds 22 aftermarket parts in Q1
      Snap-On introduces TreadReader handheld tire scanner
      Vogue Tyre introduces ‘biggest, boldest' red stripe tire
    • Point S Canada signs point-of-sale agreement with Flexiti Financial
      WTC webinar to address tire/wheel-balancing process errors
      Commercial tire, retreading sectors on solid footing
      TBC Corp. to make donation to company charity to reward vaccinated employees
    • Bosch adds 22 aftermarket parts in Q1
      Marinucci: Detailed instructions will save time
      Bartec introduces TPMS software updates
      Snap-On introduces TreadReader handheld tire scanner
    • WTC webinar to address tire/wheel-balancing process errors
      SEMA closes deal for SEMA Garage property in Michigan
      SEMA picks site in Michigan for 2nd SEMA Garage
      SEMA touts expanded Las Vegas Convention Center ahead of 2021 expo
    • SBA extends and expands COVID-19 loan program
      Stimulus spending should help tire industry
      Giti disputes report blasting tire maker for accepting PPP funds
      SEMA survey shows resilient auto aftermarket in 2020
    • Coopers are ready to rock: Cooper Tire, Alice Cooper seek best garage band
      Last Mile: Delivery surge raises demand for medium truck tires
      Nexen touting manufacturing quality milestone
      Apollo isn't planning U.S. plant — yet
    • Sponsored By Yokohama Tire Company
      7 questions to ask consumers when they need tires for a crossover SUV
      Sponsored By Yokohama Tire Company
      Stocking Tires for Crossover SUVs
      Sponsored By AppointmentPlus
      Three Important Lessons Learned for the Tire Business During a Pandemic
      Sponsored By Yokohama Tire Company
      7 questions to ask consumers when they need tires for a crossover SUV
  • SHOP FLOOR
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Video: Balancing Tire
      Safety tips for wheel balancing
      An introduction to wheel balancing
      Wheel weights: Balancing form with function
    • Video: Demounting
      Making rims ready for a tight seal
      Tire changer types, tips and trends
      How to clear rim rust and corrosion
    • Video: Safety
      Ergonomics on the shop floor
      Customers
      Considerations for shop safety policies
    • Video: Tire Repair
      Staying safe when repairing a tire
      Essential tools, materials and equipment for tire repair
      An introduction to tire repair
    • Video: TPMS Service
      Replacement TPMS sensor overview
      The life-saving work of TPMS
      An introduction to TPMS service
    • Video: Training
      Options and resources for CE tech training
      Internship ideas to attract tech talent
      Choosing the right auto service tech school
    • Video:Vehicle Lifting
      Tips and recommendations for lifting safety
      The gravity of proper lift points
      Safety essentials when using jack stands
    • Video: Wheel Torque
      The danger of too much, too little torque
      The importance of torque specifications
      Introduction to proper wheel installation
  • Multimedia
    • VIDEOS
    • PHOTOS
    • PODCASTS
  • Events
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
  • Data
    • DATA STORE
  • Resources
    • DIRECTORY
    • CLASSIFIEDS
  • ADVERTISE
  • DIGITAL EDITION
  • Awards
    • Tire Dealer Humanitarian Award
MENU
Breadcrumb
  1. Home
  2. News
April 24, 2001 02:00 AM

Cooper's 1st qtr.: Double-digit drops in income, sales

Bruce Davis
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    FINDLAY, Ohio (April 24, 2001)— Cooper Tire & Rubber Co. suffered double-digit drops in income and sales in the first quarter, as markets for both tires and automotive parts weakened significantly.

    However, Thomas Dattilo, Cooper chairman, president and CEO, called the first quarter result an “anomaly” and said the company expects to take advantage of “a much improved selling environment throughout the rest of the year.”

    First-quarter operating profit of $25 million was a drop of 65.4 percent from the first quarter of 2000. Sales overall fell 18 percent from a record performance a year ago to $758 million. Net income fell 88.4 percent to $3.6 million.

    Tire and related products sales were off 13 percent to $388 million, as unit sales fell 18 percent primarily due to the soft North American replacement tire market.

    Cooper also blamed the fall in profits on higher raw material and energy costs, as well as charges of about $19 million for litigation and product liability provisions.

    Regarding the first quarter results, Mr. Dattilo said, “This has been a very difficult quarter, especially in contrast to the record-breaking first quarter of last year. We are by no means pleased by our first quarter results, but we continue to execute our plans and strategy which have been and will continue to be successful for us.”

    “In spite of the anomaly that was the first quarter, there are many reasons to be optimistic as we look to the months ahead,” Mr. Dattilo said.

    “Tire price increases implemented in North America appear to be holding. During the quarter Cooper-Standard Automotive won over $80 million in net new business awards that will come on stream in the next few years. Light vehicle inventory has come down dramatically and should lead to more stable production patterns during the rest of the year.”

    Cooper officials, in a subsequent telephone-based conference for securities analysts following release of this data, said first-quarter sales were down down more than usual because dealers had stocked up on tires in the fourth quarter of 2000 in anticipation of a price increase initiated by the company in January.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    tb-logo
    Reader Services
    • Contact Us
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber & Plastics News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Plastics News China
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • News
      • OPINION
      • CORONAVIRUS
      • AUTO INDUSTRY
      • BUSINESS/FINANCIAL
      • COMMERCIAL TIRE
      • FACTORY FIXES
      • GOVERNMENT & LAW
      • INTERNATIONAL
      • MOTOR SPORTS
      • NEW PRODUCTS
      • RETAIL TIRES
      • SERVICE ZONE
      • SEMA/AAPEX
      • SMALL BUSINESS
      • TIRE MAKERS
      • SPONSORED CONTENT
    • SHOP FLOOR
      • BALANCING
      • DEMOUNTING
      • SAFETY
      • TIRE REPAIR
      • TPMS
      • TRAINING
      • VEHICLE LIFTING
      • WHEEL TORQUE
    • Multimedia
      • VIDEOS
      • PHOTOS
      • PODCASTS
    • Events
      • ASK THE EXPERT
      • LIVESTREAMS
      • WEBINARS
      • SEMA LIVESTREAMS
    • Data
      • DATA STORE
    • Resources
      • DIRECTORY
      • CLASSIFIEDS
    • ADVERTISE
    • DIGITAL EDITION
    • Awards
      • Tire Dealer Humanitarian Award