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Improved Cash Flow Highlights Cooper Standard's Fourth Quarter and Full Year 2023 Results
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PR Newswire
NORTHVILLE, Mich., Feb. 15, 2024
NORTHVILLE, Mich., Feb. 15, 2024 /PRNewswire/ -- Cooper-Standard Holdings Inc. (NYSE: CPS) today reported results for the fourth quarter and full year 2023.
Fourth Quarter 2023 Summary
- Sales totaled $673.6 million, an increase of 3.7% compared to fourth quarter 2022
- Gross profit totaled $64.7 million, an increase of 19.1% compared to fourth quarter 2022
- Net loss of $55.2 million, or $(3.16) per diluted share, reflected an improvement of $32.9 million vs. the fourth quarter 2022
- Adjusted EBITDA totaled $27.6 million, or 4.1% of sales
- Net cash provided by operating activities of $79.7 million improved by $105.5 million vs. the fourth quarter of 2022
Full Year 2023 Summary
- Sales totaled $2.82 billion, an increase of 11.5% compared to 2022
- Gross profit totaled $290.8 million, an increase of 124.0% compared to 2022
- Net loss of $202.0 million, or $(11.64) per diluted share, reflected an improvement of $13.4 million vs. 2022
- Adjusted EBITDA of $167.1 million, or 5.9% of sales, increased by $129.2 million vs. 2022
- Net cash provided by operating activities of $117.3 million improved by $153.4 million vs. 2022
"We continued to make strong improvements as a company in 2023. We want to thank our dedicated employees for their hard work and commitment to achieving improved financial results and our customers for their continued trust and support," said Jeffrey Edwards, chairman and CEO, Cooper Standard. "We expect to build on the successes of 2023 to drive increasing value for all our stakeholders in 2024."
Consolidated Results
| | Quarter Ended December 31, | | Year Ended December 31, | ||||
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (Unaudited) | | (Unaudited) | | (Unaudited) | | |
| | (dollar amounts in millions except per share amounts) | ||||||
| Sales | $ 673.6 | | $ 649.3 | | $ 2,815.9 | | $ 2,525.4 |
| Net loss | $ (55.2) | | $ (88.1) | | $ (202.0) | | $ (215.4) |
| Adjusted net loss | $ (31.1) | | $ (31.9) | | $ (82.3) | | $ (171.5) |
| Loss per diluted share | $ (3.16) | | $ (5.12) | | $ (11.64) | | $ (12.53) |
| Adjusted loss per diluted share | $ (1.79) | | $ (1.85) | | $ (4.74) | | $ (9.98) |
| Adjusted EBITDA | $ 27.6 | | $ 27.6 | | $ 167.1 | | $ 37.9 |
| Net cash provided by (used in) operating activities | $ 79.7 | | $ (25.8) | | $ 117.3 | | $ (36.2) |
| Free cash flow | $ 62.1 | | $ (38.4) | | $ 36.5 | | $ (107.3) |
The year-over-year increase in fourth quarter sales was primarily attributable to sustainable price adjustments, inflation recoveries, favorable volume and mix, and favorable foreign exchange, partially offset by lost production volume related to union work stoppages and the deconsolidation or divestiture of non-core businesses.
The year-over-year improvement in fourth quarter net loss was primarily due to savings generated from lean manufacturing and purchasing initiatives, lower tax expense, favorable price adjustments, and lower raw material costs. These positive factors were partially offset by higher interest expense, pension settlement charges, increased accruals for annual incentive compensation, lost production volume related to union work stoppages, continuing inflationary pressure, including higher labor and energy costs.
Adjusted EBITDA for the fourth quarter of 2023 was in line with adjusted EBITDA in the fourth quarter of 2022. The fourth quarter 2023 results reflect significant savings generated from lean manufacturing and purchasing initiatives, favorable price adjustments, and lower raw material costs. These positive factors were offset, however, by increased accruals for annual incentive compensation, lost production volume related to union work stoppages, and continuing inflationary pressure, including higher labor and energy costs.
For the full year 2023, sales increased primarily due to improved volume and mix including sustainable price adjustments, partially offset by unfavorable foreign exchange and the deconsolidation or divestiture of non-core businesses. The year-over-year improvement in full year net loss was primarily driven by favorable volume and mix, including sustainable price adjustments, improved manufacturing efficiency, lower material costs, reduced asset impairment charges, and lower income tax expense. These positive factors were partially offset by losses on refinancing and extinguishment of debt, higher wages, general inflation, higher interest expense, pension settlement charges, and higher incentive compensation. The year-over-year improvement in full year adjusted EBITDA was driven primarily by favorable volume and mix, including sustainable price adjustments, improved manufacturing efficiency, and lower material costs. These positive factors were partially offset by higher wages, general inflation, unfavorable foreign exchange and higher incentive compensation.
Cash Flow and Liquidity
Cash provided by operating activities in the fourth quarter of 2023 was $79.7 million, an increase of $105.5 million compared to the fourth quarter of 2022. Free cash flow (defined as cash provided by operating activities less CAPEX) in the fourth quarter of 2023 was $62.1 million, an increase of $100.6 million compared to the fourth quarter of 2022. The increase was driven primarily by improved operating earnings, inventory conversion, and collections on enhanced commercial agreements and tooling receivables.
For the full year 2023, cash provided by operating activities was $117.3 million and free cash flow was $36.5 million. This compared to cash used in operating activities of $36.2 million and free cash outflow of $107.3 million in 2022.
As of December 31, 2023, Cooper Standard had cash and cash equivalents totaling $154.8 million. Total liquidity, including availability on the Company's undrawn revolving credit facility, was $317.2 million at year end. Based on current expectations for light vehicle production and customer demand for our products, the Company believes it has sufficient financial resources to support ongoing operations and the execution of planned strategic initiatives for the foreseeable future. These financial resources include current cash on hand, continuing access to flexible credit facilities, and expected future positive cash generation.
Adjusted net loss, adjusted EBITDA, adjusted loss per diluted share and free cash flow 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 fourth quarter of 2023, the Company received total net new business awards representing $86.3 million in incremental anticipated future annualized sales. The total included $25.7 million in net new business awards on electric vehicle platforms. For the full year 2023, net new business awards totaled $175.3 million, including $114.9 million in net new business awards on electric vehicle platforms.
Segment Results of Operations
Sales
| | Three Months Ended December 31, | | | Variance Due To: | ||||||||
| | 2023 | | 2022 | | Change | | | Volume / | | Foreign | | Divestitures |
| | (dollar amounts in thousands) | |||||||||||
| Sales to external customers | | | | | | | | | | | | |
| North America | $ 341,257 | | $ 336,507 | | $ 4,750 | | | $ 3,005 | | $ 1,745 | | $ — |
| Europe | 160,954 | | 132,301 | | 28,653 | | | 20,107 | | 8,546 | | — |
| Asia Pacific | 125,817 | | 124,101 | | 1,716 | | | 4,289 Werbung Mehr Nachrichten zur Cooper-Standard Holdings Aktie kostenlos abonnieren
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