By Denna Bowman
Cooper tyres bounced into a fourth-quarter profit after experiencing a jump in sales and a drop in raw material prices.
Roy Armes, chief executive of the US based tyres manufacturer, said: “During the fourth quarter, we were encouraged by the stronger demand in many markets for our tyres.
“This improvement allowed the progress we have made to be more visible on the bottom line.”
Cooper has recently seen strength from a bounce-back in sales as well as lower raw-material prices and cost cuts.
The company has benefited from raising prices and restructuring, and demand for replacement tyres could rise as people drive more as the economy strengthens.
Like many tyres manufacturers around the world, Cooper had been hit during the recession as consumers chose to run longer on their old tyres before replacing them.
Cooper reported a profit of $39.2 million compared with a year-earlier loss of $143.5 million.
Cooper’s North American and international operations returned to the black in the latest quarter as revenue rose 11% and 56%, respectively.