NOVI, Mich.—Cooper Standard Automotive Inc. reported growth for the first quarter of 2017.
Sales increased 4.6 percent to $902.1 million and net income increased to 33.1 percent to $41.7 million compared to 2016.
"Our team delivered excellent results for the first quarter and put us on track to deliver another record year in 2017," Chairman and CEO Jeffrey Edwards said in a statement. "In addition, our continued focus on innovation and delivering game-changing technology is contributing to new customer orders and booked business."
Cooper Standard said it launched 29 new customer programs and was awarded $140.9 million in annual net new business. It also received a production contract for its Fortrex-brand of static sealing system products on a major SUV platform. The firm said Fortrex is a new, proprietary material science technology that provides weight reduction and performance improvements compared to traditional EPDM and TPV sealing systems.
Business in North American increased by 7.7 percent to $484.2 million, thanks to favorable volume, mix and the acquisition of AMI Industries' fuel and brake business. Its Asia-Pacific business also increased its sales, by 4.3 percent to $127.1 million thanks largely to the consolidation of its sealing joint venture in Guangzhou, China.
Its South America segment also increased its sales, to $23.7 million compared to $16.4 million in 2016. However, the segment posted a loss of $2.8 million, an increase of $5 million compared to 2016. The improvement was because of improved operating efficiencies and material cost savings, Cooper Standard said.
Sales in Europe decreased slightly, by $7.8 million to $261.5 million. Unfavorable foreign exchange, price reductions and the continued run-off of contract sales related to its divested thermal and emissions business were the primary drives.