Tags: US | Earns | Cooper | Tire

Cooper Tire & Rubber Turns Profit as Sales Rise

Tuesday, 02 Mar 2010 09:58 AM

 

Cooper Tire & Rubber Co. reported a profit for the fourth quarter on Tuesday, boosted by improving tire sales and smaller one-time expenses.

The company did not provide specific projections for 2010, but CEO Roy Armes said in a statement, "The tire industry and the global environment continue to be fluid."

"With recent trends in mind, our outlook remains cautiously optimistic," he added.

Shares rose 48 cents, or 2.7 percent, to $18.31 in premarket trading.

The company earned $39.2 million , or 63 cents per share, in the three months ended Dec. 31. That's up from loss of $143.5 million, or $2.44 per share, a year ago.

The year-earlier quarter included one-time charges related to the closing of an Albany, Ga., plant and other unusual items totaling $107 million. The most recent quarter included only $12 million in charges.

Revenue climbed 22 percent to $773.1 million from $635.8 million a year ago. International sales were up 56 percent to $274 million, while North America sales were up 11 percent to $566 million. For all operations, the company said rising sales volume was offset somewhat by a dip in prices.

For the full year, Cooper Tire earned $51.8 million, or 85 cents per share, compared with a loss of $219.4 million, or $3.72 per share, in 2008. Revenue slipped to $2.78 billion from $2.88 billion.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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