NOVI, Mich. (Aug. 17, 2010)—Cooper-Standard Holdings Inc., the parent company of Cooper Standard Automotive Inc., posted sales of $628.4 million in the second quarter, an increase of 40 percent over the like period of 2009.
The automotive components supplier also reported net income for the quarter of $637.8 million, up from a net loss of $349.3 million in the previous year. Both years were impacted by significant accounting adjustments, but in the second quarter of 2010, Cooper-Standard benefited from one-time gains, including cancellation of debt income, resulting from its reorganization proceedings.
The company posted year-to-date sales of $1.22 billion, compared to $850 million for the first half of 2009.
Cooper Standard also reported its fourth consecutive quarter of double-digit adjusted earnings before interest, taxes, depreciation and amortization margins. The Novi-based firm's company's adjusted EBITDA for the second quarter of 2010 was $73.8 million, an increase of $42.1 million from the second quarter in 2009.
Through six months of 2010, adjusted EBITDA increased to $147.5 million, up $100.4 million from the same period in the prior year.
Cooper Standard's improved cost structure, available liquidity and global footprint have positioned it for future success in a rapidly evolving automotive industry, said Jim McElya, the company's chairman and CEO.