Novi, Michigan – Cooper Standard Holdings Inc, parent company of Cooper Standard Automotive Inc, reported a 44 percent increase in net income to $32.7 million (€29.8 million) for the third quarter of 2015.
Sales came in at $827.5 million, which represented an increase compared to $781 million for the same three-month period in 2014. Sales for the nine-month period also increased to $2.49 billion, compared to $2.48 billion in 2014.
Net income for nine months came in at $90.2 million compared to $57.8 million in 2014.
“During the third quarter we were able to combine operating improvement with strong sales growth on key platforms to once again drive margins significantly higher year-over-year,” Jeffrey Edwards, Cooper Standard chairman and CEO, said in a statement. “We’re very pleased with our results through the first nine months of the year, and we look forward to finishing the year strong with continued focus on margin improvement and cash generation.”
Sales in North America improved by 10.4 percent to $456.4 million in the third quarter. Cooper Standard attributed this to improved volume and mix, partially offset by unfavourable currency exchange rates and price adjustments.
Its European segment’s sales decreased to $247.3 million compared to $265.2 million in 2014. Cooper Standard attributed the decrease to unfavourable foreign currency exchange rates.
Asia-Pacific saw an increase of 63.8 percent to $102.1 million for the third quarter, largely attributed to the consolidation of the revenue from acquiring majority ownership of Huayu-Cooper Standard Sealing Systems Co.—its joint venture with Huayu Automotive Systems Co. Ltd., its domestic Chinese partner.