NORTHVILLE, Mich.—Patience and focus appear to be paying off. Because with every quarter, Cooper-Standard Automotive Inc. gets closer to the black. And the second quarter of 2023 was no exception.
Facing a number of headwinds—including inflation and higher labor and energy costs—Cooper-Standard increased its year-over-year sales and improved the bottom line. It's something that the company credits to its continued efforts to improve operational efficiencies, renegotiate customer contracts and increase sales by leveraging its strengths around innovation and quality.
For the three-month period, the Northville-based automotive supplier showed a net loss of $27.8 million on sales of $723.7 million. This was an improvement of $5.4 million over Q2 2022, when it posted a net loss of $33.2 million on $605.9 million in sales.