NOVI, Mich.—Cooper Standard Holdings Inc. reported a 7.2 percent increase in sales along with a record for net income in the first quarter of 2018.
Net income totaled $56.8 million, up from $41.7 million in 2017. Sales came in at $967.4 million against $902.1 million during the same period in 2017.
The firm launched 50 new customer programs and was awarded $140 million in annual net new business during the first quarter this year. New contract awards for the company's recent product innovations, including both new and replacement business, totaled $70 million in the quarter, and included products such as MagAlloy, ArmorHose, ArmorHose TPV, Gen III Posi-Lock, TP Microdense and Fortrex, the latter of which received Automotive News' PACE Award.
"We are pleased to have started the year with solid operating performance and strong financial results," Chairman and CEO Jeffrey Edwards said in a statement. "Our sales growth continues to outpace global light vehicle production and our team's further advancements toward world-class operations are helping to reduce costs and expand margins."
Regionally, sales increased across the board, rising to $499.2 million in North America, an increase of 3.1 percent thanks to favorable volume and mix. Profit also increased to $64.7 million, up by $2.5 million compared to 2017.
In Europe, sales increased 11.8 percent to $292.4 million and recorded a $2.6 million profit this year, compared to an $8.6 million loss during the same period in 2017. This largely was due to savings from restructuring.
The company continues to grow in Asia-Pacific. Sales in the first quarter were up 12.5 percent to $149.2 million with profit increasing by $100,000 to $3.6 million.
South America continues to rebound, with sales up 12.3 percent to $26.6 million. While the region still reported a $1.5 million loss for the quarter, that was an improvement compared to a loss of $2.8 million in 2017.
Cooper Standard finished with $420.2 million in cash and cash equivalents as of March 31, compared to its total debt of $758.2 million.