Cooper-Standard sales, earnings up in quarter

Crain News Service report

Novi, Michigan -- Cooper-Standard Holdings Inc., the parent company of Cooper Standard Automotive Inc., posted sales of $628.4 million (Euro 490 million) in the second quarter, an increase of 40 percent over the like period of 2009.

The automotive components supplier also reported net income for the quarter of $637.8 million, up from a net loss of $349.3 million in the previous year. Both years were impacted by significant accounting adjustments, but in the second quarter of 2010, Cooper-Standard benefited from one-time gains, including cancellation of debt income, resulting from its reorganization proceedings.

The company posted year-to-date sales of $1220 million, compared to $850 million for the first half of 2009.

Cooper Standard also reported its fourth consecutive quarter of double-digit adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margins. The Novi-based firm's adjusted EBITDA for the second quarter of 2010 was $73.8 million, an increase of $42.1 million from the second quarter in 2009.

Through six months of 2010, adjusted EBITDA increased to $147.5 million, up $100.4 million from the same period in the prior year.

Cooper Standard's improved cost structure, available liquidity and global footprint have positioned it for future success in a rapidly evolving automotive industry, said Jim McElya, the company's chairman and ceo.

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Tire Business (a Crain publication)