FINDLAY, Ohio (Nov. 6, 2007) — Cooper Tire & Rubber Co. posted net income of $30.2 million during the third quarter compared to a loss of $25 million last year, aided by improved pricing in North America and global sales growth.
Profits from discontinued operations contributed $12.4 million for the quarter ended Sept. 30. Operating profits improved to $32.7 million compared with an operating loss of $5.1 million during the same 2006 period.
Sales for the quarter rose 11 percent to a record $767.7 million. In the North American tire segment, sales jumped 10 percent to $576.3 million. The company said its international tire operations had sales of $236 million in the quarter, an increase of 22 percent over the third quarter of 2006.
Cooper President and CEO Roy Armes said the company expects to continue to see operational improvements and low inventory levels in the fourth quarter.
For the nine-month period, Cooper posted net income of $68.6 million on sales of $2.17 billion. The income is up from a loss of $50.9 million in 2006.
Sales in the North American tire segment grew 13 percent in the nine-month period to $1.62 billion as operating income improved to $74.4 million versus a loss of $28.1 million a year ago.