Cooper Tire & Rubber Co. posted record sales of $3.4 billion in 2010, buoyed by an 8% increase in tire shipments.

The sales figure was an increase over 2009’s $2.8 billion, and was a record result since Cooper shed its auto parts business.

Net income for the year came in at $140 million, the company said, up from $56 million in 2009.

“Demand for our products continued to be very strong and we were able to run the manufacturing facilities efficiently to deliver improved manufacturing results,” aid Roy Armes, chairman and CEO. “Our ability to ship more tires was limited by the inventory we had available for sale during the quarter.  

"In 2011, we intend to produce 10% more units than we did in 2010 to help meet this strong demand. The largest challenge currently facing the company is the increase in natural rubber prices, which increased more than 75% during the last four months. Raw material costs have increased between 15 percent and 20 percent sequentially from the fourth quarter of 2010 to the first quarter of 2011. We expect raw material costs to remain at elevated levels after the first quarter; however, the rate of increase should begin to slow during the second quarter.”