Cooper Tire & Rubber Co. posted net income of $12 million on net sales of $754 million for the first quarter of 2010. Respectively, these numbers represent a $33 million and $183 million improvement over 1Q 2009 results.
Results were driven by improved volumes and increased utilization of manufacturing capacity, according to Cooper officials.
Cooper's North American Tire unit posted sales of $532 million during the first quarter, up significantly from its 1Q 2009 net sales of $439 million. The division's operating profit rose by $17 million.
"Total light vehicle tire shipments for Cooper's North American segment in the U.S. increased by 19%, outpacing the total industry shipment increase of 13%. This improvement occurred across nearly all product segments as the company was able to increase market share."
"We are extremely pleased with the improved volumes and manufacturing performance achieved during the first quarter of 2010," says Cooper Chairman, CEO and President Roy Armes. "The increases in volume were the result of better industry conditions combined with successfully positioning the company for growth. The momentum also continued in our operations where our efforts to be more cost-competitive were again visible on the bottom line."
