NOVI, Mich.—Cooper Standard Holdings Inc. reported revenue of $837.6 million, a 12 percent increase from 2013.
The company's net income, however, declined slightly by $1 million to $19.7 million. The firm said the decline was primarily a result of its equity tender and preferred securities conversion transactions in 2013.
“This was a solid quarter for Cooper Standard, highlighted by our strong year-over-year sales growth,” Chairman and CEO Jeffrey Edwards said. “The actions taken to stabilize our North American business, combined with margin expansion in Europe, enabled us to significantly improve quarter-over-quarter adjusted EBITDA.”
The firm's adjusted EBITDA increased to $80.6 million, up from $76.7 million.
Cooper Standard is a global supplier of systems and components for the automotive industry, which include sealing and trim, fuel and break delivery, fluid transfer, thermal and emissions, and anti-vibration systems. The firm employs more than 25,000 and operates in 19 countries.