Cooper Tire & Rubber Co., Ltd. announced its first-quarter earnings report for the first time in 2014. Its first-quarter net sales were US$ 796 million, and its operating profit for the first quarter was US$ 81 million, accounting for 10.2% of net sales. Cooper's net income for the quarter was US$45 million, equivalent to US$0.71 per share.
“This is a great start, proclaiming a 100-year-old new journey!†said Roy Armes, chairman and president of Cooper Tire & Rubber Co., “This achievement was the second highest in the history of Cooper's history. The good results, second only to the first quarter of last year, fully demonstrate that Cooper Tire is moving along the right path. We will continue to strengthen our strategic deployment on this basis and continue to create for our customers and shareholders. value."
Compared to 2013, where the industry’s overall environment was depressed, sales of Cooper Tire began to rebound. In North America, Cooper Tire's total shipments increased by 5%. In particular, in the US light vehicle sector, Cooper Tire's total shipments increased by 7% year-on-year. This is in line with Cooper's strategic decision-making and marketization. At the same time, Cooper tires will continue to be committed to China as an important part of its long-term growth strategy.
"We will enter the second quarter with sufficient energy." Yan Wenshan said, "Although the global economic situation is not yet clear, the tire market is still fierce competition, but our new products and new business are constantly meeting the current new market demand. The implementation of the Cooper Tire strategic plan is effective and effective, allowing us to have confidence in the future."
In 2014, Cooper Tire will also take the opportunity of a hundred years celebration to launch a series of measures to improve product quality and market competitiveness. This includes innovations in product development and production as well as promotion of centennial celebrations in Cooper's major global markets.
News Original title: Cooper Tire Releases 2014 First Quarter Financial Statements
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