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FINDLAY, Ohio (AP) - Cooper Tire & Rubber Co. said Wednesday it swung to a first-quarter profit as higher prices in the North American market boosted revenue and cost-cutting measures implemented last year paid off. The company's shares soared nearly 9 percent.
Cooper earned $20.8 million, or 33 cents per share, compared with a loss of $5.2 million, or 8 cents per share, in the same quarter in 2006.
The replacement tire maker said earnings from continuing operations rose to $20.4 million, or 33 cents per share, compared with a loss from continuing operations of $5.5 million, or 9 cents per share in the year-ago quarter.
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