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…

To read more,please login or register below.

This is the first step to more free
content, user offers, subscriptions
and more.
Log in here using the Email Address
and Password you signed up with