By Daily Journal
FINDLAY, Ohio – Cooper Tire & Rubber reported record sales for the fourth quarter and for all of 2012.
But while net income more than doubled to $73 million in the fourth quarter, the company said its net income for the year fell 13 percent to $220 million. Profit for the year also declined.
Cooper’s net sales for the fourth quarter were a record $1.1 billion, up 2 percent from the same period in 2011.
Net income was $73 million, or $1.15 a share, compared to $32 million, or 52 cents a share, a year earlier.
The company said fourth-quarter profit was aided by a $101 million reduction in raw material costs.
For all of 2012, Cooper Tire posted record sales of $4.2 billion, up 7 percent from 2011. Net income was $220.4 million, or $3.49 a share, compared to $253.5 million, or $4.08 a share a year earlier.
Also, the company said Friday it would pay a quarterly dividend of 10.5 cents per share on March 29.
In addition, Cooper Tire said Ford Motor Co. would install a Cooper-made tire as original equipment on two of its Focus models.
It’s the first time Cooper Tire has been used as an original equipment manufacturers, as the company of focuses primarily on the replacement tire market.
Cooper Tire employs about 1,200 people at its Tupelo manufacturing facility, the company’s largest in the U.S.