Cooper-Standard posts higher loss in Europe

Novi, Michigan –  Cooper-Standard Holdings Inc. has reported increased losses, despite a 7.2% year-on-year increase in second-quarter sales, to $279.1 million (€240 million), for its European business.

The year-over-year sales gains were “primarily attributable to favourable foreign exchange and favourable volume and mix, net of customer price reductions,” the US company reported 31 July.

However, the Europe segment reported a loss of $5.4 million in the second quarter compared to segment loss of $3.1 million in the second quarter of 2017.

The company linked the decline to net customer price adjustments and higher net material costs, partially offset by net operating efficiencies, restructuring savings and lower SGA&E expense.