Cooper Tire & Rubber Co., Ltd. announced that its operating income in the first quarter of 2013 fell by 12.5% ​​from the same period in 2012, but its net profit soared 160% year-on-year.
Cooper Tire & Rubber Co. had net sales of $862 million for the first quarter. The first quarter operating profit was 97 million US dollars, an increase of 49 million US dollars over the same period in 2012, accounting for 11.2% of net sales; the company's first-quarter net profit was 56 million US dollars, equivalent to a surplus of 0.87 US dollars.
“We have maintained a record-breaking growth momentum since 2012, with operating profit reached US$97 million in the first quarter of 2013, which has reached a record high.†said Roy Armes, chairman and president of Cooper Tire & Rubber Co., Ltd. “Although global The continued weakness in the tire market and the world economy has constrained consumer spending, but we have achieved a breakthrough in performance by balancing the product pricing system with sales volume, which is a strong testimony to the strength of our brands and products in the market. â€
Cooper tires continue to maintain growth in various markets around the world. In the first quarter of the North American market, operating profit increased by US$49 million compared to the same period last year, which was mainly due to the reduction in raw material costs and the decrease in manufacturing costs. The excellent operation of the Serbian factory and the increase in sales in Eastern Europe led to a 10% increase in sales in the first quarter of the European market.
“Because of the weak global economy and weak demand for tires, we will continue to be cautious about sales in the second quarter,†Yan Wenshan said. “We hope that the economic situation and industry conditions will improve, and we firmly believe in the business model of Cooper. Continuous and robust execution capabilities will continue to create value for our customers and shareholders."
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