NOVI, Mich. (Aug. 15) — Sales for Cooper-Standard Holdings Inc., the parent company of Cooper-Standard Automotive Inc., rose 5.3 percent in the second quarter to $624 million while net income fell by 51.7 percent to $9.7 million. Operating profits stayed virtually even at $38.5 million.
The company attributed the boost in sales mainly on the full-quarter impact of the acquisition of the ACH fuel rails business at the end of the first quarter, favorable foreign exchange and increased sales in Europe and South America. Net income was brought down by a change in the effective tax rate and an increase in restructuring charges.
Chairman and CEO Jim McElya said the firm remains encouraged by its second-quarter results as it continues to demonstrate strong operating performance.
He said the deal to buy the Metzeler Automotive Profile Systems German, Italian and Polish operations — including joint venture interests in Asia — is another step for the company to continue to grow the firm´s market share in Europe and Asia and broaden its global customer base.
For the first half, sales increased 5.9 percent to $1.2 billion, operating income rose 6.1 percent to $70.7 million and net income fell 43.5 percent to $14.4 million.