Novi, Michigan - Cooper-Standard Holdings Inc., the parent company of Cooper Tire and manufacturer of rubber automotive parts, has posted “record results”, with a 161-percent rise in net income for full year 2015.
“Net income totalled $111.9 million (€101 million), up 161.5 compared to 2015,” the company said in a 22 Feb press release.
Earnings (adjusted EBITDA) totalled $362.4 million, with a 16.3 percent rise year-on-year.
During the fourth quarter 2015, the company generated net income of $21.7 million, and adjusted EBITDA of $91.3 million on sales of $854.4 million.
These results compare to a net loss of $12.8 million and adjusted EBITDA of $72.2 million on sales of $767.9 million in the fourth quarter of 2014.
"This marks the fifth consecutive quarter in which we were able to deliver year-over-year margin improvement," stated Jeffrey Edwards, chairman and CEO of Cooper Standard.
Cooper Standard attributed the turnaround in net income—from a $12.8 million net loss in 2014—and the $86.5 million sales increase to favourable volume and mix and additional revenue from the acquisition of Huayu-Cooper Standard Sealing Systems Co., becoming the majority owner of its former joint venture with Huayu Automotive System Co.
Sales in North America increased 12.7 percent to $451.4 million in the fourth quarter and a segment profit of $58.5 million.
Asia-Pacific reported a fourth-quarter gain of 89.4 percent to $135.5 million, largely because of consolidated revenue from the acquisition of its Chinese joint venture. Excluding growth from acquisitions and the impact of unfavorable foreign currency exchange rates, sales in the segment increased by 25.1 percent, or $18 million, year-over-year.
Sales in Europe declined slightly to $249.2 million compared to $259.3 million in 2014 with a segment loss of $16.1 million in the fourth quarter. The firm attributed the loss to a restructuring expense of $16.2 million and an impairment charge of $2.3 million.
South America had the sharpest decline of any segment, thanks largely to lower overall vehicle production in Brazil, Cooper Standard said. The segment reported sales of $18.3 million in the fourth quarter compared to $36.4 million in 2014 and a net loss of $24 million compared to a loss of $5.9 million in 2014. The net loss included an asset impairment charge of $19.3 million, Cooper Standard said.
Headquartered in Novi, Cooper Standard supplies automotive components globally with operations in 20 countries and 29,000 employees.