Cooper Tire reports lower profits for first quarter of 2014

Cooper Tire & Rubber Co.’s profit declined 19 percent from a year earlier to $45.4 million last quarter.

Earnings amounted to 72 cents per share, down from 89 cents per share in the January-March quarter a year earlier.

Sales declined 7.6 percent to $796.5 million.

“Cooper is off to a strong start in 2014, which is our 100th year in the tire business,” said Chief Executive Officer Roy Armes. “Our first quarter operating profit is the second-best for a first quarter in our company’s history, topped only by last year’s first quarter, when we set an all-time profit record.”

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