Despite lockout, Cooper Tire profits
Thu, 03 May 2012 12:16:05 GMT —
Cooper Tire is celebrating a 38 percent profit jump for the first quarter of 2012.
The company said despite selling fewer tires, they earned $22 million on revenue of $984 million during the first quarter. During the same time last year, Cooper made $16 million on revenue of $902 million.
Higher manufacturing costs, including $29 million related to the three-month labor lockout, decreased results by $31 million.
"Impacts of the labor situation in the Findlay Plant are largely behind us and our manufacturing operations will focus on efficiency improvements." said Roy Armes, Chief Executive Officer, in a statement.
"We have confidence that successful execution of initiatives aligned to our plan will move our business forward, despite the volatile environment in which we operate. We remain optimistic about our future." he added.