ERJ staff report (R&PN)
Novi, Michigan -- Cooper-Standard Holdings Inc. nearly doubled its third-quarter net income as sales also rose sharply.
Net earnings on the quarter for the parent of Cooper-Standard Automotive Inc. were $20.8 million, compared with $10.8 million for the year-earlier period. The company said it benefited from increased automotive production volumes and an improved cost structure.
Sales for the third quarter increased 13.1 percent to $585.7 million, while revenues for the first nine months of 2010 jumped 32.4 percent to $1.8 billion. Cooper-Standard touted increase car output in most regions of the world.
Gross profits for the third quarter were $102.1 million, or 17.4 percent of sales, while for the nine-month period were $312.8 million, or 17.3 percent of sales.
â€œWe are pleased with our third-quarter results and continue to evaluate economic and industry trends so we can capitalise on opportunities and navigate any headwinds,â€ said Chairman and CEO Jim McElya.
During the quarter, Cooper-Standard said it launched production in all global regions with a variety of auto makers, including BMW, Chrysler, Ford, General Motors, Nissan, Peugeot and Volkswagen.
From Rubber & Plastics News (A Crain publication)
Press release from Cooper-Standard Holdings Inc.