Cooper Tire reports fourfold profit increase

11/3/2012

FINDLAY — Shares of Cooper Tire & Rubber Co. rose more than 13 percent Friday to $22.85 on news of solid third-quarter results. The daily increase was the largest since Feb. 27.

The second-largest U.S. tiremaker behind Goodyear Tire & Rubber Co. posted a fourfold jump in quarterly profit to $74.1 million, or $1.17 a share, from $17.3 million, or 27 cents a share, a year earlier. Cooper said quarterly sales were up 4 percent from last year to an all-time record of $1.1 billion.