Cooper Tire reports higher Q4 net earnings

FINDLAY – Cooper Tire & Rubber Co., which employs about 1,300 workers in Tupelo, said its fourth-quarter profit rose 2.6 percent as stronger demand for its products helped offset rapidly rising raw materials costs. The company is also raising tire prices next month for the second time this year and plans to boost production.
The company reported net income rose to $40.2 million, or 64 cents per share, compared with $39.2 million, or 63 cents per share, in the same period of 2009.
Revenue rose 19 percent to $919.6 million from $773.1 million.
The company plans to raise production 10 percent this year to meet stronger demand for its products.
For the full year, Cooper Tire reported net income of $140.5 million, or $2.24 per share, more than double the $51.8 million, or $1.02 per share, in 2009. Revenue rose 21 percent to a record $3.36 billion from $2.78 billion in 2009.