Cooper-Standard has ‘solid’ quarter despite earnings drop

Novi, Michigan )–Adjusted pretax earnings fell 20 percent for Cooper-Standard holdings Inc. in the second quarter, but the firm still called the period “solid” on the basis of improved sales, lower debt and an improved balance sheet.

The parent of Cooper-Standard Automotive Inc. blamed the earnings decline on higher raw materials costs. Despite the drop, the earnings/sales ratio still stood at 11.5 percent.

The company posted record sales, settled purchase-related payments, maintained a strong cash position, cut its debt and improved its balance sheet during the quarter…

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