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02.11.2023 16:30
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Cooper Standard Reports Strong Third Quarter Results, Raises Full Year 2023 Guidance
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PR Newswire
NORTHVILLE, Mich., Nov. 2, 2023
NORTHVILLE, Mich., Nov. 2, 2023 /PRNewswire/ -- Cooper-Standard Holdings Inc. (NYSE: CPS) today reported results for the third quarter 2023.
Third Quarter 2023 Summary
- Sales totaled $736.0 million, an increase of 12.0% compared to third quarter 2022
- Gross profit totaled $106.5 million, an increase of 176.3% compared to third quarter 2022
- Net income of $11.4 million, or $0.65 per diluted share, reflected an improvement of $44.0 million vs. the third quarter 2022
- Adjusted EBITDA of $79.1 million, or 10.7% of sales, increased by $58.6 million vs. the third quarter 2022
"We continued to leverage higher production volume, operating efficiency and further implementation of enhanced commercial agreements to drive strong margin improvements in the quarter," said Jeffrey Edwards, chairman and CEO, Cooper Standard. "We believe our investments in customer-focused technology and innovation have been key to recent operating improvement and will further position us for long-term growth and success."
Consolidated Results
| | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (dollar amounts in millions except per share amounts) | ||||||
| Sales | $ 736.0 | | $ 657.2 | | $ 2,142.2 | | $ 1,876.1 |
| Net income (loss) | $ 11.4 | | $ (32.7) | | $ (146.8) | | $ (127.3) |
| Adjusted net income (loss) | $ 15.0 | | $ (29.5) | | $ (51.2) | | $ (139.3) |
| Income (loss) per diluted share | $ 0.65 | | $ (1.90) | | $ (8.47) | | $ (7.41) |
| Adjusted income (loss) per diluted share | $ 0.85 | | $ (1.71) | | $ (2.95) | | $ (8.11) |
| Adjusted EBITDA | $ 79.1 | | $ 20.5 | | $ 139.5 | | $ 10.3 |
The year-over-year increase in third quarter sales was primarily attributable to favorable volume and mix, sustainable price adjustments, inflation recoveries, and favorable foreign exchange, partially offset by the deconsolidation or divestiture of non-core businesses.
Net income for the third quarter 2023 was $11.4 million, including restructuring charges of $2.0 million and other special items. Net loss for the third quarter 2022 was $32.7 million, including restructuring charges of $1.7 million and other special items. Excluding restructuring and other special items, adjusted net income was $15.0 million in the third quarter 2023 compared to adjusted net loss of $29.5 million in the third quarter of 2022. The year-over-year improvement was primarily due to improved volume and mix, favorable price adjustments, and savings generated from lean manufacturing and purchasing initiatives, partially offset by higher interest expense, continuing inflationary pressure, including higher labor and energy costs, and unfavorable foreign exchange.
Adjusted EBITDA for the third quarter of 2023 was $79.1 million compared to $20.5 million in the third quarter of 2022. The year-over-year improvement was primarily due to improved volume and mix, favorable price adjustments, and savings generated from lean manufacturing and purchasing initiatives. These items were partially offset by continuing inflationary pressures, including higher labor and energy costs, and unfavorable foreign exchange.
Adjusted net income (loss), adjusted EBITDA and adjusted income (loss) per diluted share are non-GAAP measures. Reconciliations to the most directly comparable financial measures, calculated and presented in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"), are provided in the attached supplemental schedules.
Automotive New Business Awards
The Company continues to leverage its world-class engineering and manufacturing capabilities, its innovation programs and its reputation for quality and service to win new business awards with its customers and capitalize on positive trends associated with electric vehicles. During the third quarter of 2023, the Company received new business awards representing $34.4 million in incremental anticipated future annualized sales on new electric vehicle platforms. Total net new business awards were not material in the third quarter due primarily to the run-out or cancellation of certain existing or planned traditional powertrain vehicle programs. For the first nine months of 2023, new business awards on electric vehicle platforms totaled $89.2 million and total net new business awards were $89.0 million.
Segment Results of Operations
Sales
| | Three Months Ended September 30, | | | Variance Due To: | ||||||||
| | 2023 | | 2022 | | Change | | | Volume / | | Foreign | | Divestitures |
| | (dollar amounts in thousands) | |||||||||||
| Sales to external customers | | | | | | | | | | | | |
| North America | $ 410,906 | | $ 351,011 | | $ 59,895 | | | $ 62,323 | | $ (2,428) | | $ — |
| Europe | 147,550 | | 113,670 | | 33,880 | | | 22,933 | | 10,947 | | — |
| Asia Pacific | 120,617 | | 129,493 | | (8,876) | | | (2,861) | | (5,252) | | (763) |
| South America | 34,348 | | 27,073 | | 7,275 | | | 4,968 | | 2,307 | | — |
| Total Automotive | 713,421 | | 621,247 | | 92,174 | | | 87,363 | | 5,574 | | (763) |
| Corporate, eliminations and other | 22,617 | | 35,906 Werbung Mehr Nachrichten zur Cooper-Standard Holdings Aktie kostenlos abonnieren
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