NOVI, Mich.—Cooper Standard Holdings Inc. classified 2017 as a record year after disclosing gains in sales and adjusted net income.
The firm increased its yearly sales by 4.2 percent to $3.62 billion, along with net income of $138.6 million—a slight drop compared to $140.4 million in 2016. However the firm added that its adjusted net income, excluding restructuring and other special items, was $208 million, an increase of $13.1 million compared to 2016.
Sales for the fourth quarter were similar—up 7.1 percent to $937.9 million—along with net income that dropped slightly to about $30 million compared to $32 million in 2016. But like with the full-year results, adjusted net income for the quarter also increased, to $63.6 million compared to $48.1 million.
"Cooper Standard had another outstanding year in 2017," Chairman and CEO Jeffrey Edwards said in a statement. "It was our best year ever in terms of employee safety and we set new all-time highs in sales, adjusted EBITDA and adjusted EBITDA margin. In addition, our progress in material science and product innovation and the establishment of our adjacent markets business are creating new and exciting opportunities for the future. Our outlook is positive and our global team of highly engaged employees remains focused on making further advancements toward world-class performance."