FINDLAY, Ohio (Feb. 28, 2008) — Cooper Tire & Rubber Co. reported higher earnings for the year, prompted by improved pricing.
The Findlay-based tire maker posted a profit of $119.6 million in 2007, up from a loss of $78.5 million in 2006.
The company also made gains in the fourth quarter, improving to net income of $51 million from a net loss of $27.6 million the prior period.
Sales in both periods also increased, rising 13.9 percent to $2.93 billion for the year and 7 percent to $765.1 million for the quarter.
Cooper's North American Tire operation also posted sales increases. The division's sales rose 10.8 percent to $2.2 billion in 2007 and 4.3 percent to $585.3 million in the fourth quarter. The business also swung to a profit in both periods. Net income for the year reached $119.4 million, up from a loss of $39.5 million in 2006. Profits hit $45 million in the quarter versus a net loss of $11.4 million the prior period.
The tire maker said improved pricing and better margins contributed to its North American results as well as a $26.5 million gain on its sale of Oliver Rubber Co. to Michelin North America Inc.
Chairman and CEO Roy Armes said the $100 million in cost savings that the firm had pledged to achieve was realized, and it continued to position itself for improvement in 2008.