Cooper Tire profit jumps on lower rubber costs

Fri Nov 2, 2012 7:53am EDT

Nov 2 (Reuters) - Cooper Tire & Rubber Co's quarterly profit soared on higher margins due to lower raw material costs.

Net income attributable to Cooper Tire rose to $74 million, or $1.17 per share, for the third quarter, from $17.3 million, or 27 cents per share, a year ago.

Revenue rose 4 percent to $1.1 billion.

Indian tire manufacturer Apollo Tyres was reportedly in talks to acquire a majority stake in Cooper Tire.

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