Cooper Tire’s sales increase 9 percent

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Monday, May 7, 2012
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0 m2 h( D7 \( _. l$ yFindlay, OH - Cooper Tire & Rubber Company reported net sales of $984 million, an increase of $82 million, or 9 percent, compared with the first quarter of 2011. Operating profit was $48 million for the quarter, an increase of $16 million from the prior year same quarter. Net income attributable to Cooper Tire & Rubber for the quarter was $22 million, or $0.34 per share on a diluted basis, for the quarter ended March 31, 2012, compared with $16 million, or 25 cents, for the first quarter of 2011. When compared with the first quarter of 2011, improved price and mix of $71 million offset $8 million of higher raw material costs. Sales volumes were slightly lower than the prior year same quarter. Higher manufacturing costs, including $29 million related to the labor situation at the company’s manufacturing operations in Findlay, OH, decreased results by $31 million. Selling, general and administrative costs increased by $9 million as the company invested in expanding distribution networks and promoting Cooper brands. Startup costs related to the manufacturing operations in Serbia were $3 million.