Skip to main content
Sister Publication Links
  • European Rubber Journal
  • Plastics News
  • Tire Business
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • Best Places to Work
    • Rubber Division IEC
    • War in Ukraine
    • Automotive
    • Tire
    • Non-Tire
    • Suppliers
    • ITEC
    • Silicone
    • Online Exclusive
    • Latex
    • Technical Notebooks
    • Executive Action
    • Government/Legal
    • Opinion
    • Blogs
    • Sustainability
    • Products
    • Wacky World of Rubber
  • Airless Tires
  • Custom
    • Sponsored Content
    • White Papers
  • Resources
    • Directory
    • Classifieds & Mold Mart
  • Data
  • Events
    • RN Events
    • RN Livestreams/Webinars
    • Industry Events
    • Past Events
    • Rubber News M&A Live
    • Ask the Expert
    • Healthcare Elastomers Conference
    • Rubber In Automotive Conference
    • Women Breaking the Mold Networking Forum
  • Advertise
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
July 31, 2015 02:00 AM

Net income, sales increase for Cooper Standard

Rubber & Plastics News Report
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    NOVI, Mich.—Cooper Standard Holdings Inc. had its “best quarter in three years,” according to Jeffrey Edwards, chairman and CEO of the firm, as net income jumped 14.4 percent in the second quarter of 2015 compared with the same period of 2014.

    Excluding tax amounts of a $2.6 million related to the acquisition of Huayu-Cooper Standard Sealing Systems Co. (Shenya) and $7 million in restructuring, Cooper-Standard's net income rose to $40.9 million from $35.7 in 2014.

    Accounting for those expenses, net income was $36.5 million, compared to $13.2 million in 2014.

    Second quarter sales increased by $3.2 million or 0.4 percent, to $860.8 million, compared to the second quarter of 2014, when sales were $857.6 million. The adjusted earnings before interest, taxes, depreciation and amortization was $97 million in the quarter, a 5.7 percent increase compared with $91.8 in the same period last year.

    Cooper-Standard attributed the year-over-year variance to improvements in operating efficiency, favorable volume and mix, and lower raw material costs. It said these favorable items were partially offset by wage increases, unfavorable price adjustments and a $10 million negative impact from unfavorable foreign currency exchange rates.

    "Our second quarter results represent another solid step toward achieving our 2015 objectives,” Edwards said in a statement. “In terms of adjusted EBITDA margin, it was our best quarter in more than three years.

    “We are particularly pleased with the continued strong performance in our North American operations, the margin improvements we are making within our European operations and our profitable growth in Asia. In addition, our increased focus on cash generation is driving positive change that is enhancing our ability to improve shareholder value going forward.”

    For the first six months of 2015, Cooper-Standard reported net income of $57.5 million and adjusted EBITDA of $177.7 million on sales of $1.66 billion. In the first six months of 2014, net income was $32.9 million and adjusted EBITDA of $172.3 million on sales of $1.7 billion.

    Cooper Standard reported sales increases in the Asia Pacific and North America segments. In Asia Pacific, sales jumped 92.1 percent to nearly $112 million, compared to $58.2 million in the similar quarter in 2014. Sales in North America increased slightly, from $453.5 million to $452.2 million.

    Sales in Europe ($270.3 million in the second quarter of 2015, $305.7 million in 2014) and South America ($25.1 million/$41.4 million in 2014) fell, attributable to unfavorable currency rates.

    Cooper Standard, headquartered in Novi, manufactures sealing, fuel and brake delivery, fluid transfer and anti-vibration systems and components for the automotive industry. It employs more than 27,000 globally and operates in 20 countries.

     

    Related Articles
    Cooper Standard to downsize in Europe
    Cooper Standard finalizes acquisition of Chinese JV
    Cooper to downsize in N.C. Move will affect 300 jobs; auto supplier releases 20…
    Cooper Standard's income increases, sales decline
    Cooper Standard appoints VP for North America
    Cooper Standard opens two facilities in China
    Auto parts M&A value seen reaching record $48 billion this year
    Keep on Truckin'; Success of F-series prompts expansion at Cooper Standard
    Cooper Standard appoints chief accounting officer
    Cooper Standard appoints vice president
    Cooper Standard reports solid third quarter
    Cooper Standard looks inside, finds innovation
    Letter
    to the
    Editor

    Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].

    Most Popular
    1
    AirBoss 2022 results drop because of fall in nitrile glove needs
    2
    EU approves Yokohoma's Trelleborg Wheel Systems purchase
    3
    Inspiring tires: 5 big winners at Tire Technology International awards
    4
    Datwyler: Where could electrically conductive elastomers be used?
    5
    Pros and Cons: A look at 4 emerging sustainable carbon black methods
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Get our newsletters

    Staying current is easy with Rubber News delivered straight to your inbox, free of charge.

    Subscribe Today

    Subscribe to Rubber News to get the best coverage and leading insights in the industry.

    SUBSCRIBE
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter

    MISSION

    To serve companies in the global rubber product industry by delivering news, industry insights, opinions and technical information.

    Contact Us

    2291 Riverfront Pkwy, Suite 1000
    Cuyahoga Falls,
    OH 44221

    Customer Service:
    877-320-1726

    Resources
    • About Us
    • Digital Edition
    • Staff
    • Advertise
    • Order Reprints
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Partner Sites
    • Tire Business
    • European Rubber Journal
    • Plastics News
    • Urethanes Technology
    • Automotive News
    • Crain Brands
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • News
      • Best Places to Work
      • Rubber Division IEC
      • War in Ukraine
      • Automotive
      • Tire
      • Non-Tire
      • Suppliers
      • ITEC
      • Silicone
      • Online Exclusive
      • Latex
      • Technical Notebooks
      • Executive Action
      • Government/Legal
      • Opinion
      • Blogs
        • Products
        • Wacky World of Rubber
      • Sustainability
    • Airless Tires
    • Custom
      • Sponsored Content
      • White Papers
    • Resources
      • Directory
      • Classifieds & Mold Mart
    • Data
    • Events
      • RN Events
        • Healthcare Elastomers Conference
        • Rubber In Automotive Conference
        • Women Breaking the Mold Networking Forum
      • RN Livestreams/Webinars
      • Industry Events
      • Past Events
      • Rubber News M&A Live
      • Ask the Expert
    • Advertise
    • DIGITAL EDITION