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November 01, 2016 02:00 AM

Strong third quarter for Cooper Standard

Rubber & Plastics News Report
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    Jeffrey Edwards, chairman and CEO of Cooper Standard.

    NOVI, Mich.—Cooper-Standard Holdings inc. reported record net income and sales for the third quarter of 2016.

    The company said sales of $855.7 million were up 3.4 percent from last year's third quarter. Net income increased to $36.4 million from $32.7 million the prior year. Adjusted EBITDA increased 7.9 percent to $100.8 million, which Cooper Standard said was another record.

    For the nine-month period, Cooper Standard's net income jumped nearly 20 percent to $107.9 million, with revenues climbing about 4 percent to $2.6 billion.

    The firm said it launched 18 new customer programs and was awarded an additional $78 million in annual net new business, driven largely by sales of new products and technology. Most of the new business came from global platforms.

    “We continue to drive value through culture, innovation and results,” Chairman and CEO Jeffrey Edwards said in a statement. “We are pleased to extend our track record to eight consecutive quarters in which we have delivered year-over-year improvement in adjusted EBITDA and adjusted EBITDA margin.”

    Regionally, the firm's North America segment's sales decreased 1.2 percent to $450.8 million, largely attributable to the divestiture of its hard coat plastic exterior trim business, price adjustments and foreign currency exchange rates. The firm said improved volume and mix, plus the acquisition of AMI Industries' fuel and brake business, partially offset those negative factors. Segment profit also decreased to $55 million compared to $58.3 million in 2015.

    Sales in Cooper Standard's Europe segment also decreased to $242.8 million compared to $247.3 in 2015. The firm attributed the decline to slightly lower volume, mix and price adjustments. The segment reported a loss of $5.6 million for the third quarter, but that included a planned restructuring expense of $9.7 million.

    The firm saw the most growth out of its Asia-Pacific segment, where sales grew 34.4 percent on the quarter to $137.2 million. In addition to improved volume and mix, the firm also saw a bump from consolidating its sealing joint venture in Guangzhou, China. The segment reported profit of $3 million, compared to a $700,000 loss in 2015.

    South America also saw an increase in sales, to $24.9 million compared to $21.8 million in 2015. However, the segment still reported a loss of $3.3 million, an improvement compared to a $7.5 million loss in 2015.

    Headquartered in Novi, Cooper Standard is a global supplier of systems and components for the automotive industry with four core product lines—rubber and plastic sealing, fuel and brake lines, fluid transfer hoses, and anti-vibration systems. It employs about 30,000 people in 20 countries.

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