UPDATE: Cooper Tire Reports 74% Decline In Q2 Profit

Cooper Tire & Rubber Co CTB reported a 74% drop in its second-quarter profit. Cooper Tire reported its quarterly earnings at $11.5 million, or $0.18 per share, down from $44.1 million, or $0.70 per share, in the year-ago period. Its revenue climbed 15% to $922 million. However, analysts were expecting earnings of $0.41 per share on revenue of $980 million. Cooper Tire shares gained 4.11% to close at $16.46 yesterday.