FINDLAY, Ohio — Cooper Tire & Rubber Co. reported net income of $44 million for the quarter ended June 30, 2010, a $57 million improvement from the same period in 2009. Net sales were $804 million, an increase of $172 million, or 27 percent, from the prior year. Operating profit was $34 million for the quarter, a $7 million decrease compared with $41 million in 2009. The company reported net income of 70 cents per share during the quarter on a diluted basis.  

Results during the quarter included restructuring charges of $7 million, primarily related to the closure of the Albany, Ga., facility, a decrease of $1 million from the second quarter of 2009. During the quarter the company recorded a $25 million benefit, net of income taxes, from discontinued operations. This benefit related to the final disposition of matters for Cooper Standard Automotive. This compares to a $37 million charge to discontinued operations during the second quarter of 2009. Excluding discontinued operations, restructuring charges and adjusting for the non-recurrence of a $10 million pension curtailment benefit in 2009, net income attributable to the company was approximately $3 million better than the prior year.

When compared to the prior year, improved volumes and increased utilization of manufacturing capacity contributed favorably to earnings. The relationship of net price and mix to raw materials and the non-recurrence of a benefit recorded during the prior year second quarter for the curtailment of pension-related costs were unfavorable.

Through the first six months of 2010, Cooper generated $1.6 billion in net sales, compared with $1.2 billion during the same period in the prior year. Net income attributable to Cooper Tire & Rubber Co. was $56 million during the same period, compared to a net loss of $34 million in 2009.

The company ended the quarter with $379 million of cash and cash equivalents, an increase of $77 million from the prior year balance of $302 million.