2/17/17 – 7:26 A.M.
Findlay-based Cooper Tire & Rubber posted a higher operating profit in 2016 despite slightly lower net sales numbers. A financial statement released by the company shows Cooper had an operating profit of $384 million last year. That was a nearly 8.5 percent increase over 2015. Net sales totaled more than $2.9 billion for the year, down 1.6 percent from 2015.
In a statement, CEO Roy Armes said, “Through consistent execution of our strategic plan and the favorable raw material cycle of the past few years, Cooper ended 2016 in a very strong position, achieving a record full year operating profit margin of 13.1 percent.” Armes added that the company saw unit volumes increase nearly 8 percent in the fourth quarter.
The company reported a strong fourth quarter. Operating profit rose $2 million over the same period in 2015. Net sales from October through the end of December were $784 million. That’s was up $8 million over the previous year.
Looking ahead to 2017, Armes said he expects raw material costs to continue to rise. He added the company believes that may affect numbers in the short-term, until raw-material prices level off.