NEW YORK (Thomson Financial) - Cooper Tire & Rubber Co. Tuesday said it swung to a profit in the third-quarter with net income of $30.2 million, or 48 cents a share, from a loss of $25 million, or 41 cents a share, in the same period last year.
Third-quarter revenue increased 11% to $767.7 million from $689.9 million in the comparable period last year.
The mean estimate of analysts polled by Thomson Financial is for earnings of 30 cents a share and revenue of $851 million for the period ended Sept. 30.
The company attributed its profitable quarter to improved pricing in North America, increased tire unit sales in its international business and an ongoing cost and profit improvement plan that was implemented throughout the year.
Shares of the Findlay, Ohio-based passenger and light truck replacement tires company closed Monday at $21. Melinda Peer mp/tk1 COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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