Cooper Records
21 november 2012
The company Cooper & Rubber Co. has provided a report on sales volumes and operating profit for the third quarter of this year. The figures were impressive.
The company set a personal record: in the third quarter, its sales grew by four percent (or $47 million) and totaled $1.1 billion.
The record was also set for quarterly operating profit - $130 million - which is $82 million more than last year. The company's net profit for the past quarter is $74 million.
As noted by the company's specialists, the additional profit was earned due to a reduction in raw material costs and optimization of production. However, Cooper's trade and administrative expenses, on the contrary, increased. Also, $7 million was spent on enhanced product quality control.
Nevertheless, the final figures for the third quarter of this year give reason to look to the future with optimism.
As for the company's North American branch, sales volumes also grew here - the growth was 7%, and sales in physical terms - by 4%. Operating profit increased by 12.8% compared to 2011. In North America, there is also a decrease in raw material costs and an improvement in production efficiency.
Finally, Cooper's international division increased sales by 3% and operating profit by 8.6% ($36 million).
If we talk about the company's sales in general, then in Asia they grew by 10%, while in Europe they fell by the same 10%. This is due to the high demand for truck and bus tires in Asian countries and the unfavorable state of the market in Europe.
Roy Armes, Cooper's CEO, hopes that the positive trend in his company's activities will continue in the future. In conclusion, it is worth noting that Cooper plans to allocate from $180 to $210 million by the end of this year for program funds, as well as for the improvement of the Serbian plant in order to increase production capacity.
The company set a personal record: in the third quarter, its sales grew by four percent (or $47 million) and totaled $1.1 billion.
The record was also set for quarterly operating profit - $130 million - which is $82 million more than last year. The company's net profit for the past quarter is $74 million.
As noted by the company's specialists, the additional profit was earned due to a reduction in raw material costs and optimization of production. However, Cooper's trade and administrative expenses, on the contrary, increased. Also, $7 million was spent on enhanced product quality control.
Nevertheless, the final figures for the third quarter of this year give reason to look to the future with optimism.
As for the company's North American branch, sales volumes also grew here - the growth was 7%, and sales in physical terms - by 4%. Operating profit increased by 12.8% compared to 2011. In North America, there is also a decrease in raw material costs and an improvement in production efficiency.
Finally, Cooper's international division increased sales by 3% and operating profit by 8.6% ($36 million).
If we talk about the company's sales in general, then in Asia they grew by 10%, while in Europe they fell by the same 10%. This is due to the high demand for truck and bus tires in Asian countries and the unfavorable state of the market in Europe.
Roy Armes, Cooper's CEO, hopes that the positive trend in his company's activities will continue in the future. In conclusion, it is worth noting that Cooper plans to allocate from $180 to $210 million by the end of this year for program funds, as well as for the improvement of the Serbian plant in order to increase production capacity.