FINDLAY, Ohio (AP) -- Cooper Tire & Rubber Co. said Wednesday it reversed a year-ago loss, posting net income of $11.6 million in the first quarter on higher tire sales and better use of manufacturing capacity.
The company said it made 19 cents per share in the quarter ended March 31, compares with a loss of $21.3 million, or 36 cents per share, in the year-ago period.
The results include a charge of $8 million related to the closure of a plant in Albany, Ga., the company said. Revenue jumped 32 percent to $754.4 million on an increase of 19 percent in North American tire shipments.
Analysts surveyed by Thomson Reuters expected 14 cents per share on $697.6 million in revenue.
"While our outlook remains cautiously optimistic, we recognize that raw material costs continue to be volatile and have a significant impact on our results," CEO Roy Armes said in a statement. "We expect that raw materials will continue to increase and remain elevated in the near future."
Shares fell 34 cents to close at $20.61.
