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February 26, 2014 01:00 AM

Cooper Standard's sales rise, net income drops

Rubber & Plastics News Report
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    NOVI, Mich.—Cooper Standard Holdings Inc. reported sales for 2013 at $3.1 billion, a $200 million increase from 2012.

    The company's net profit, however, decreased by about 47 percent to $47.9 million for 2013. It attributed the change to a $48.3 million benefit it received in 2012 related to the reversal of the valuation allowance on its deferred income tax assets in the U.S.

    The firm also reported a net loss of $20.8 million in the fourth quarter compared to a net loss of $9.9 million in 2012. Cooper Standard said net income for the quarter was affected by higher tax expenses related to a valuation allowance charge against deferred tax assets in certain foreign jurisdictions.

    The firm reported sales of $794.2 million in the fourth quarter of 2013, a $97.1 million increases from 2012.

    Cooper Standard said its acquisition of Jyco Sealing Technologies contributed incremental sales of $20.8 million for the fourth quarter and $32.7 million for 2013.

    "In 2013, we continued to leverage the strength of our core product lines and extensive global footprint to better position Cooper Standard to achieve long-term profitable growth," said Chairman and CEO Jeffrey Edwards. "Our sales increased 7.3 percent in a year when global OEM vehicle production grew by 3.4 percent. We remain committed to increase shareholder value with continued focus on innovation, successful execution of new product launches and targeted investments to enhance our footprint and capabilities."

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