Cooper-Standard cuts losses, boosts sales in 3rd quarter

By Ryan Beene

Detroit, Michigan - Cooper-Standard Automotive Inc. boosted revenue and cut its losses in the quarter ending Sept. 30.

The company said today that it posted a net loss of $12.8 million, compared with a net loss of $27.0 million in the third quarter of 2006.

Cooper-Standard said revenue was up 19.2 percent in the third quarter to $602.6illion.

"Cooper-Standard's operating performance illustrates the company's ability to execute its strategy in this changing environment," CEO Jim McElya said in a statement. "We are staying out in front of the many macroeconomic factors affecting our business, and our results indicate that our strategy is on track."

Through the first nine months of 2007, the company said it posted net income of $1.6 million on revenue of $1.80 billion, compared with a net loss of $1.5 million on revenue of $1.60 billion in the same period last year.

Cooper-Standard, of suburban Detroit, ranks No. 71 on the Automotive News list of the top 100 global suppliers, with sales to the automakers of $2.16 billion in 2006.

From Crain's Detroit Business (A Crain publication)