FINDLAY, Ohio (Oct. 4, 2001) — Cooper Tire & Rubber Co. has reduced its earnings expectations for the third quarter after a hoped-for improvement in sales failed to materialize during summer months. The company said it now anticipates earnings in the range of 17 to 21 cents per share. Analysts on average had estimated Cooper would earn 26 cents per share, according to research firm Thomson Financial/First Call.
Cooper Chairman, President and CEO Thomas A. Dattilo said the company, at the end of the second quarter, had anticipated that consumer demand and the economy in general would pick up significantly during the summer months.
``Unfortunately, the economy has not bounced back as expected and has recently declined in many areas which will drive lower-than-expected results for Cooper,´´ Mr. Dattilo said.
He said both sides of Cooper´s business operations have been impacted by the slow economy. “Sales of automotive components have declined due to reduced original equipment production," he said. "Tire sales have remained well below the normal ´peak-season´ levels all summer and September, which is normally one of the strongest months of the year, was particularly weak following the events of Sept. 11.”
Cooper said it will discuss third-quarter results in greater detail Oct. 18, following completion of quarter-end accounting and related reviews.