3/14/14 – 8:13 A.M.
Update: 10:42 A.M.
2013 was a turbulent year for Cooper Tire & Rubber to say the least, but it appears things turned out well in the end. Cooper reported fourth quarter and full year earnings results today. The numbers show the company had fourth quarter earning profits of $47 million. For the full-year operating profits were $241 million. The numbers account for the second best full-year operating profit in Cooper’s 100-year history.
Cooper CEO Roy Armes released a statement saying, “These results were achieved despite several unique challenges in 2013.” He added the impact of the failed sale of Cooper to Apollo Tyre of India will diminish this year.
The fourth quarter numbers reported today were $77 million lower than the same period in 2012. The numbers reflect $27 million spent on items related to actions taken at the Cooper Chengshan Tire Company joint venture.
Labor strife at CCT caused a delay in reporting third quarter numbers.
Other numbers reported by the company showed significant declines. Profit dropped by 73 percent to $19.6 million in the fourth quarter. Profit for the year fell almost 50% to $111 million. Sales declined 18 percent to $3.44 billion.
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