Cooper reports domestic, international sales increase in Q1, 2011
Cooper Tire & Rubber has reported a net income of US$16 million attributable to Cooper Tire for the quarter ended March 31, 2011, an increase of $4 million from the same period in 2010. Net sales during the quarter amounted to $906 million, an increase of $152 million, or 20 per cent, from the prior year. Operating profit was $32 million for the quarter, a decrease of $1 million from the prior year same quarter. Results during the quarter included an after-tax gain of $3 million related to the acquisition of a controlling interest in Corporacion de Occidente SA de CV. The Company also incurred costs of $4 million during the quarter. The prior year first quarter included restructuring charges of $8 million, and $22 million of increased charges for an adverse verdict in a single products liability case.