NOVI, Mich. (Nov. 13, 2008) — Cooper-Standard Holdings Inc., parent company of Cooper-Standard Automotive Inc., posted a net loss on sales of $599.7 million, a slight decline from a year earlier, for the third quarter.
Lower auto sales in North America during the quarter more than offset increased sales from Brazil and Europe, acquisitions and favorable exchange rates, Cooper-Standard said.
The company posted a $32.6 million net loss for the three-month period, compared with a net loss of $12.8 million for the same timespan in 2007, caused primarily by lower North American light vehicle production, restructuring charges and vehicle mix changes related to shifts in consumer demand.
For the first nine months of the year, Cooper-Standard's consolidated sales increased $318.5 million from 2007 to $2.1 billion. The firm posted a net loss of $5.3 million through three quarters, compared to net earnings of $1.6 million last year.
The company did announce a record $309.7 million of expected net new business through September, a 52-percent increase vs. net new business in the same period last year.
Edward A. Hasler, Cooper-Standard Automotive president and CEO, said the global financial crisis, volatile economic conditions and sharp decline in automotive sales presented “unprecedented challenges” impacting the company's performance in the third quarter. The firm was able to offset the impact of those factors to some degree by “proactively flexing our manufacturing costs, reducing administrative expenses and the continued recovery of raw material cost escalation.”