Cooper Tire reports second quarter loss

Cooper Tire & Rubber Co.’s second-quarter net income fell due to reduced demand in North America and record-high raw material and utility costs, according to MarketWatch.

The company reported a loss of $22.2 million compared to a profit of $17.6 million during the same period a year ago. Although revenue increased from $730 million to $773 million, an increase of about 6 percent, the cost of sales rose 13 percent.

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