NOVI, Mich.—Cooper Standard Holdings Inc. reported a net income of $20.3 million for the third quarter that ended Sept. 30, compared to $10.4 million for the third quarter of 2012.
CEO Jeffrey Edwards said the company delivered solid year-over-year revenue growth and EBITA margin. He added the company is investing in a new manufacturing footprint and expanding its capabilities to meet the demands of increasing global light vehicle production.
Cooper Standard reported a nine-month net income of $66.3 million compared to $110.3 million in 2012. The company said the 2012 figure included a one-time $48.3 million tax valuation benefit in the U.S.
Cooper cited lower restructuring costs and lower share count driven by the second quarter 2013 share repurchase as reasons for the increase in net income.
The firm also reported net revenue of $764.1 million, up from $684 million in 2012.