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FINDLAY, Ohio - Cooper Tire & Rubber Co. said Friday it posted a third-quarter loss, compared with a year-ago profit, as soaring raw material and energy costs offset growth in sales and increased market share.
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Cooper Tire & Rubber recorded a loss of $55.4 million, or 94 cents per share, compared with earnings of $30.2 million, or 48 cents per share, in the third quarter a year earlier.
Analysts polled by Thomson Reuters, who usually exclude one-time items from their estimates, expected a loss of 91 cents per share.
Sales rose 3 percent to $793.8 million from $767.7 million, helped by higher prices and increased market share in Canada and Mexico.
The company said record high raw material costs hurt results by $104 million.
Looking ahead, the company said it lowered capital expenditures as raw material costs and competition increase while demand softens.
"Our business has come under intense pressure from several fronts including increased raw material costs, decreased global demand, and more intense competition," Chief Executive Roy Armes said in a statement.
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