Cooper Reports Higher First-Quarter Profit

Cooper Tire & Rubber Co. said it posted a higher first-quarter profit but lower revenue on a soft global tire market.

The company reported a first-quarter net income of $56 million, or 87 cents a share, compared with $22 million, or 34 cents, a year ago.

Revenue declined to $862 million from $984 million a year ago, the company said. North American sales fell to $602 million from $698 million.

The company said despite lower revenue it struck a balance between pricing and volume to achieve improved profit.

Cooper makes tires for heavy-duty trucks and provides tread rubber and other equipment for the retread industry.