FINDLAY — Shares of Cooper Tire & Rubber Co. rose sharply today after the company reported fourth-quarter results that beat analysts' expectations.
Cooper continues to be dogged by costs related to labor unrest at one of the company's Chinese plants and its failed merger with an Indian tire manufacturer. The company said sales for the quarter fell 19 percent to $861 million. Profits were down 73 percent to $19.6 million, or 31 cents per share. Still, that was better than the 26 cents per share analysts were expecting.
As of 10:25 a.m., shares of the company's stock were trading at $24.42, up 7 percent from Thursday's close. At one point, shares were up nearly 11 percent.
For the full year in 2013, Cooper reported profits of $111 million, or $1.75 per share, on sales of $3.4 billion. Cooper earned $220 million, or $3.52 per share, in 2012 on sales of $4.2 billion.
“These results were achieved despite several unique challenges in 2013, the impact of which will diminish as we move forward in 2014. I am proud of our organization and confident in our strategic plan, which we believe will produce results that create value for our shareholders over the long term," Chief Executive Officer Roy Armes said in a statement.