Cooper Standard reports strong second quarter

Novi, Michigan = Cooper Standard Holdings Inc. reported a 2.1-percent rise in second quarter sales to a “record” $879.3 million (€787.4 million) and net income increased to $52.9 million, up by nearly $12 million from the previous year.

The company linked the increase to favourable volume and mix, which was offset by currency exchange rates, price adjustments and the divestiture of its hard coat plastic exterior trim business in December 2015.

“Driven by our culture and strategy, this marks the seventh consecutive reporting period in which we have delivered year-over-year improvement in adjusted EBITDA and adjusted EBITDA margin,” said chairman and CEO Jeffrey Edwards in a 29 July statement.

For the first six months, Cooper Standard’s net income came in at $71.5 million, up from $57.5 million during the same period last year. It said during the second quarter it launched 60 new customer programs and was awarded an additional $47 million in annual net new business, driven largely by sales of innovative new products and technology.

Sales in North America, Europe and Asia-Pacific all increased in the second quarter. North America led the way at $460.7 million, an increase of 1.6 percent compared to 2015. Europe reported sales of $282.3 million, up from $270.3 million in 2015, and Asia-Pacific increased to $282.3 million, up by $4.3 million compared to last year.

Its South America segment decreased by $5 million to $20.1 million in the second quarter, citing lower overall vehicle production in Brazil as the primary cause.

Headquartered in Novi, Cooper Standard supplies systems and components to the automotive industry, including rubber and plastic sealing, fuel and brake lines, fluid transfer hoses, and anti-vibration systems. It employs about 30,000 people with operations in 20 countries.