Novi, Michigan – Cooper Standard Automotive Inc. reported increased sales, but a decrease in net income for the third quarter of 2017.
The firm's sales increased about 1.56% to $869 million, which it said was a record for the third quarter. Its net income, however, decreased about 32.5% to $24.6 million.
Jeffrey Edwards, Cooper Standard chairman and CEO, said in a statement that Europe, Asia-Pacific and South America more than offset lower sales stemming from reduced light vehicle production in north America. The firm added that customer inventory adjustments negatively impacted its mix and margins for the quarter.
Cooper Standard's sales and net income each decreased for the nine-month period, falling to $2.68 billion in sales compared to $2.6 billion in 2016 and $106.8 million in net income compared to $107.9 million.
The firm said it launched 47 new customer programs and was awarded $108.1 million in annual net new business, bringing its nine-month total to $345.3 million, up 18.2% from 2016.
Regionally, the firm experienced a 3% decrease in its North American sales to $437.4 million with a segment profit of $44.2 million, down from $55 million in 2016.
Internationally, however, the firm grew its sales in all regions. Europe increased 4.8% to $254.4 million, Asia-Pacific was up 8.3% to $148.5 million and South America increased 15.3% to $28.7 million.
