Cooper Tire resumes reporting results; posts quarterly loss

Fri Feb 28, 2014 6:28pm EST

Feb 28 (Reuters) - Cooper Tire & Rubber Co resumed reporting results on Friday, giving investors the first glimpse of its balance sheet since its dispute with its Chinese joint venture partner last year.

The JV partner opposed Cooper's $2.5 billion deal with India's Apollo Tyres Ltd and locked out Cooper management, making it impossible for the U.S. tire maker to access financial data required to prepare quarterly results.

The Chinese JV also halted production of Cooper-branded tires and resumed production in January, two weeks after Cooper's deal with Apollo fell through.

Cooper, which had last announced quarterly results in August, said on Friday it posted a third-quarter loss of $168,000, or breakeven on a per share basis, compared with a net profit of $74 million, or $1.17 per share, a year earlier.

Revenue fell 24 percent to $832 million.

The work stoppage at the China plant reduced operating profit by $29 million during the third quarter, Cooper said.

The company said it expects to report fourth-quarter results mid-March.

Cooper Tire shares closed at $24.93 on the New York Stock Exchange on Friday. They have risen about 9 percent after its merger with Apollo fell through. (Reporting by Mridhula Raghavan in Bangalore; Editing by Saumyadeb Chakrabarty)