Cooper Tire & Rubber Company on Monday reported first quarter 2021 net income of $22 million compared to a net loss of $12 million for the same period last year.
The company said global unit volume increased 16.6 percent compared to the first quarter of 2020 and net sales increased 23.3 percent from the first quarter of 2020 to $656 million.
“We are pleased to have delivered strong first quarter operating results,” said President and Chief Executive Officer Brad Hughes.
“Our teams continued to do a great job executing our strategy, which resulted in first quarter 2021 volume that exceeded not only the coronavirus-impacted 2020 level, but also 2019 in both segments.”
Hughes said that Cooper Tire expects to complete the previously announced merger with Goodyear Tire in the second half of 2021.
“Cooper looks forward to being part of a stronger combined organization that represents the best of what both our companies have to offer to customers, consumers, and shareholders.”