ERJ staff report (RD)
Novi, Michigan - Cooper-Standard Holdings Inc., parent company of Cooper-Standard Automotive Inc., has announced increased sales, gross profit and net income for the second quarter (Q2) of 2008.
Net sales for the quarter increased to $765.6 million (Euro 513.4 million) compared with $624.0 million for the same quarter of 2007. The increase resulted primarily from the Metzeler Automotive Profile Systems acquisitions, the company said. Gross profit increased $11.2 million to $118 million, or 15.4 percent of sales, as compared to Q2 2007 and net income is up from $9.7 million for the same period last year to $11.6 million in Q2 2008. Adjusted earnings (EBITDA) increased to $76.6 million from $77.3 million in 2007.
â€œCooper-Standard Automotive's flexibility, financial discipline, widening global presence and growing customer diversity have helped the company to perform very well in a difficult environment,â€ said president and ceo. Edward Hasler. â€œWe continue to expand our presence in emerging markets, build our relationships with both new and existing customers, and create innovative products which add to the breadth and depth of our product portfolio. We also continue to adjust our cost structure to reflect the weakness and structural changes I the market we serve.â€
Press release from Cooper Standard