Cooper Tire's profit rise, sales dip

BIZ cooper30p Cooper Tire and Rubber Company in Findlay, Ohio. November of 2011.

FINDLAY — Cooper Tire & Rubber Co. said its profits rose 17 percent in the fourth quarter, capping off a solid year in which profits rose substantially even as the company’s sales dipped slightly.

The Findlay tiremaker said today it earned $248.4 million, or $4.51 a share, on sales of $2.92 billion last year. In 2015, the company reported earnings of $212.8 million, or $3.69 per share, on sales of $2.97 billion. 

Revenues were up about 1 percent in fourth quarter to $783.9 million

Cooper also announced a larger share repurchase program, with the company’s board authorizing spending up to $300 million through the end of 2019.