Cooper-Standard $500,000 in the red in first quarter

Livonia, Michigan–Cooper-Standard Holdings Inc. reported a first-quarter net loss of $500,000 on 5.4-percent lower sales, as lower North American vehicle production and increased raw material costs converged.

Gross profits also fell 23.4 percent in the period to $68.4 million on the effects of “significantly” higher raw material costs, lower prices and lower unit volumes, the firm said.

Sales slipped to $469.5 million as business was down in all three operating segments: sealing systems, down 1.6 percent; fluid systems, down 6.9 percent; and NVH, down 17.4 percent.

Cooper-Standard, which…

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