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TheStreet Open House

Cooper Tire & Rubber 's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stock quotes in this article: CTB

So moving on to the operations. During the second quarter we generated net income attributable to Cooper Tire Rubber Company a $52 million or $0.82 per share which compares to net income of $12 million or $0.18 per share for the same period a year ago. The results during the quarter include the impact of a onetime $7 million pre-tax pension gain related to the curtailment of a plan in the U.K. which is approximately $5 million after tax.

As I mentioned, consolidated net sales exceeded $1 billion which is up 15% from the same period a year ago, and this increase was driven by a 16% quarter-over-quarter rise in total company unit volume. Specifically, unit volumes were up 15% for the North American segment and 19% for our international segment.

Our volume growth in United States was very strong relative to the industry light vehicle tire shipments which were essentially flat. We outperformed the industry which compared to RMA reported figures in the passenger and light truck categories including the broad line and UHP segments. Additionally, commercial truck sales of Roadmaster brand tires continue to gain market share increasing 5% from the prior year second quarter.

Our international segment reported record unit volumes. Unit volume in Asia was driven by higher shipments and domestic and export PBR markets or a truck and bus radial tires, as well as continued successful efforts to expand distribution and supply of light vehicle tires in the Chinese market. Despite challenging economic conditions European volumes increased as we introduce production from our new Serbian plant which offset volume reductions in other European product lines.

Read the rest of this transcript for free on seekingalpha.com

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