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.
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By GlobalData“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.”
