From staff and wire reports
FINDLAY: Cooper Tire & Rubber Co. said Monday it set fourth-quarter and full-year sales records in 2012, on its way to a full-year profit of $220 million, or $3.49 a share. In 2011, the company earned $254 million, or $4.02 a share.
The Findlay-based tire maker said fourth-quarter sales reached $1.1 billion, up 2 percent from 2011. For the year, sales topped $4.2 billion, up 7 percent from 2011.
Cooper said it earned $73 million, or $1.15 per share, in the fourth quarter. That’s much lower than the company’s 2011 fourth-quarter earnings, though 2011’s earnings were pumped up by a one-time tax benefit of $177 million.
North America Tire Operations had net sales of $811 million in the fourth quarter, up 5 percent from a year ago.
Cooper anticipates economic headwinds this year. The company expects raw material prices in the current first quarter will be about the same as the 2012 fourth quarter. Raw material prices are expected to trend higher.
“A strong fourth quarter capped off a great year,” Roy Armes, chief executive officer, said in a statement. “Looking ahead, we view 2013 with cautious optimism.”