By segment, North America remained the most significant for Cooper-Standard, which reported sales of $331.7 million for the quarter ended June 30. That's an $84.2 million improvement over the same period a year ago.
North America also was the only segment to show improvements in adjusted EBITDA, which came in at $15.44 million for the second quarter this year. It marks a $14.69 million improvement over last Q2 2021.
Year-over-year, sales in Europe and Asia Pacific declined for the three-month period, coming in at $126.3 million and $85.8 million, respectively. This accounts for a $6.34 million drop in Europe when matched against the second quarter of 2022. In Asia Pacific, it's a drop of $18.1 million.
In Europe adjusted EBITDA for the quarter fell by $925,000 to negative $15.3 million. In Asia Pacific, adjusted EBITDA fell $5.49 million to negative $7.8 million.
Cooper-Standard does maintain a very optimistic outlook in Europe despite challenges, saying its efforts to right-size in the region will lead to profitability. And these efforts, combined with on-going customer price negotiations, will start to show positive impacts next year.
"We will be profitable in Europe in 2023," Edwards said. "And by 2024, when we have executed several of the initiatives that we have left to execute, we expect that business to be in the high single digits from an EBITDA point of view. So, we are looking at getting a few more actions completed in Europe in the next 12 months of so. …
"The good news is we don't have to have 50 balls in the air to get done what we need done in Europe. We have a select few levers yet to pull, and we know where those are, and we are in the process of executing it."