Cooper Tire & Rubber Full Year Results Down 18%
Cooper Tire & Rubber Company (NYSE: CTB) has reported results for the fourth quarter and full year 2013, with fourth quarter net sales at $861 million, a decrease of $201 million, or 19%, compared with the same period a year ago.
For the year ended Dec. 31, 2013, the company reported net sales of $3.4 billion, a decrease of $0.8 billion, or 18%, from 2012. Operating profit for the full year 2013 was $241 million, or 7% of net sales. The company reported net income of $1.73 per share on a diluted basis for the full year.
Operating profit for the fourth quarter was $47 million, which is $77 million lower than fourth quarter 2012 and 5.5% of net sales. The company reported net income attributable to Cooper Tire & Rubber Company of $0.31 per share, or $20 million, in the fourth quarter.
This compares with $73 million, or $1.15 per share, for the same period last year.
Stated Cooper Chairman, Chief Executive Officer and President Roy Armes, “These results were achieved despite several unique challenges in 2013, the impact of which will diminish as we move forward in 2014.” The company ended the fourth quarter with $398 million in cash and cash equivalents.
Category: Featured, General Update, Wheels & Tires
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