Cooper Tire has posted 2014 net income of US$214m compared with US$111m the previous year.
The results include a gain of US$56m net of tax from the sale of the company’s 65% interest in a joint venture in China.
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Operating profit was US$300m compared with $241m in 2013, while operating margin was 8.8% versus 7%.
For the fourth quarter, net income attributable to Cooper Tire was US$82m compared with US$20m in the same period last year.
“I am proud of what we accomplished in 2014, particularly after a very disruptive year in 2013,” said Cooper Tire chairman, CEO and president, Roy Ames. “Our full year 2014 operating profit was our second best in our 100-year history.
“Unit volume for the full year rose 6% and our operating margin was strong at almost 9%. In the fourth quarter, we continued to see robust unit volume growth in the Americas segment and that segment delivered operating margins near 10%. However, our fourth quarter results were negatively impacted by weakness in our international operations.
“In 2015 we will continue our focus on exploring opportunities to expand our presence in Asia after the sale of our interest in the joint venture, so as to benefit from a more sizeable footprint in that high-growth market.”
