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Cooper Tire Sales, Earnings Fall
Cooper Tire & Rubber Co. reports that its net sales in the fourth quarter of 2013 fell 19% to $861 million as operating profit dropped 39% to $47 million and net profit plunged 73% to $20 million.
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Cooper Tire & Rubber Co. reports that its net sales in the fourth quarter of 2013 fell 19% to $861 million as operating profit dropped 39% to $47 million and net profit plunged 73% to $20 million.
But results were better than analysts expected, helping to boost the company's closing stock price on Friday to $24.36 on Friday, up $1.54.
The company notes that fourth-quarter results were hurt by $27 million in one-time items related to labor unrest at its Cooper Chengshan Tire Co. venture in China and costs resulting from its terminated merger agreement with India's Apollo Tyres Ltd.
Full-year sales dropped 18% to $3.4 billion. Operating profit for the year shrank 39% to $241 million, and net profits totaled $111 million. Cooper Tire predicts it will "begin to recover" unit volume this year with growth at least equal to that of the overall tire market.
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