Cooper Tire posts solid first-quarter profit, sales

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FINDLAY — Cooper Tire & Rubber Co. yesterday reported solid gains in its profit and sales for the first quarter.

The firm said it had a quarterly profit of $11.6 million, or 19 cents a share, compared to a loss of $21.3 million, or 36 cents a share, for the same period a year ago. The replacement-tire manufacturer said it had sales for the quarter of $754 million, up 32 percent from the $541 million a year ago.

The Findlay firm said it had a big increase in tire orders and better use of its factories.

Chief Executive Officer Roy Armes said: “While our outlook remains cautiously optimistic, we recognize that raw-material costs continue to be volatile and have a significant impact on our results.” The company has announced a tire-price increase of up to 7.5 percent, effective June 1.

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