Record sales of $906M raise Cooper Tire profit
4/27/2011FINDLAY — Cooper Tire & Rubber Co. reported Tuesday it had record sales of $906 million in the first quarter and a profit of $18.5 million, or 25 cents a share.
The tire manufacturer said its sales were up 20 percent from the same period a year ago and its profit rose from $17.1 million, or 19 cents a share.
Results during the January- March period included a $3 million after-tax gain related to its increased share of ownership in a Mexican operation and $4 million in costs related to expiration of a lease for the company’s airplane.
North American tire operations reported a 22 percent sales increase to $648 million, and international operations had a 24 percent increase in sales to a record $363 million, the Findlay company said. The company said it had higher raw material costs, but did increase some prices and plans to boost production.