ERJ staff report (PR)
Novi, Michigan - With sales up nearly 10 percent and higher margins, Cooper-Standard Holdings Inc. continued a generally positive flow of results coming out from tire and rubber product manufacturers for the second quarter of 2014.
The parent company of Cooper-Standard Automotive Inc. reported revenue of $857.6 million for the three months to 30 June, up 9.3% from $784.7 million for the same period last year.
Novi-based Cooper-Standard linked the sales hike to increased volumes in North America, Europe and Asia Pacific, incremental sales related to its Jyco Sealing Technologies acquisition and currency effects.
These factors more than offset lower production volumes in South America and price-concessions, the company's figures show.
Adjusted earnings EBITDA for the second quarter was $91.8 million, or 10.7 percent of sales, compared to $82.5 million, or 10.5 percent of sales, in the same quarter last year.
This, said Cooper-Standard, reflected improvement savings and increased volumes in North America, partially offset by customer price concessions, higher staffing costs and other operating expenses.
"We continue to successfully execute on our profitable growth strategy, as evidenced by delivering normalised financial performance and achieving double digit adjusted EBITDA margin," said Jeffrey Edwards, chairman and CEO, Cooper-Standard.
"A key factor to our success this quarter was the team's ability to address isolated operational challenges in North America and Europe.”