NOVI, Mich.—Cooper Standard Holdings Inc. reported a record fourth quarter and year-end 2015 financials during the release of its report on Feb. 23.
The parent to Cooper Standard Automotive Inc. said net income for the fourth quarter increased to $21.7 million, up $34.5 million against 2014, and net income for the year increased 161.5 percent to $111.9 million.
Sales for the fourth quarter increased to $854.4 million and for the year increased about $100 million to $3.34 billion.
“This marks the fifth consecutive quarter in which we were able to deliver significant year-over-year margin improvement,” Chairman and CEO Jeffrey Edwards said in a statement. “We are very proud of our global team and their engagement around our world class operating initiatives to serve our customers and drive record results in 2015. Although the bar has been raised significantly, we expect to further improve margins and cash flow in 2016.”
Cooper Standard attributed the turnaround in net income—from a $12.8 million net loss in 2014—and the $86.5 million sales increase to favorable volume and mix and additional revenue from the acquisition of Huayu-Cooper Standard Sealing Systems Co., becoming the majority owner of its former joint venture with Huayu Automotive System Co.
Sales in North America increased 12.7 percent to $451.4 million in the fourth quarter and a segment profit of $58.5 million.
Asia-Pacific reported a fourth-quarter gain of 89.4 percent to $135.5 million, largely because of consolidated revenue from the acquisition of its Chinese joint venture. Excluding growth from acquisitions and the impact of unfavorable foreign currency exchange rates, sales in the segment increased by 25.1 percent, or $18 million, year-over-year.
Sales in Europe declined slightly to $249.2 million compared to $259.3 million in 2014 with a segment loss of $16.1 million in the fourth quarter. The firm attributed the loss to a restructuring expense of $16.2 million and an impairment charge of $2.3 million.
South America had the sharpest decline of any segment, thanks largely to lower overall vehicle production in Brazil, Cooper Standard said. The segment reported sales of $18.3 million in the fourth quarter compared to $36.4 million in 2014 and a net loss of $24 million compared to a loss of $5.9 million in 2014. The net loss included an asset impairment charge of $19.3 million, Cooper Standard said.
Headquartered in Novi, Cooper Standard supplies automotive components globally with operations in 20 countries and 29,000 employees.