Top-News
Donnerstag,
03.08.2023 16:30
von
PR Newswire
| Aufrufe: 18
Strong Sales Growth and Continuing Margin Improvement Highlight Cooper Standard's Second Quarter 2023 Results
Tageszeitungen (Symbolbild).
pixabay.com
PR Newswire
NORTHVILLE, Mich., Aug. 3, 2023
NORTHVILLE, Mich., Aug. 3, 2023 /PRNewswire/ -- Cooper-Standard Holdings Inc. (NYSE: CPS) today reported results for the second quarter 2023.
Second Quarter 2023 Summary
- Sales totaled $723.7 million, an increase of 19.4% compared to second quarter 2022
- Gross profit totaled $77.7 million, an increase of 405.4% compared to second quarter 2022
- Net loss of $27.8 million, or $(1.61) per diluted share, reflected an improvement of $5.4 million vs. the second quarter 2022
- Adjusted EBITDA of $47.9 million, or 6.6% of sales, increased by $58.3 million vs. the second quarter 2022
- Net new business awards of $84.9 million, including $36.4 million related to new electric vehicle programs
"Our second quarter results reflect continuing world-class operational execution and performance, improved and more stable production volumes, and the continuing implementation of our enhanced commercial agreements," said Jeffrey Edwards, chairman and CEO, Cooper Standard. "We believe these positive trends and margin expansion will continue through the second half of the year, putting us on track to achieve full year results in line with our initial 2023 guidance."
Consolidated Results
| | Three Months Ended June 30, | | Six Months Ended June 30, | ||||
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (dollar amounts in millions except per share amounts) | ||||||
| Sales | $ 723.7 | | $ 605.9 | | $ 1,406.2 | | $ 1,218.9 |
| Net loss | $ (27.8) | | $ (33.2) | | $ (158.2) | | $ (94.6) |
| Adjusted net loss | $ (20.0) | | $ (58.5) | | $ (66.1) | | $ (109.9) |
| Loss per diluted share | $ (1.61) | | $ (1.93) | | $ (9.15) | | $ (5.51) |
| Adjusted loss per diluted share | $ (1.15) | | $ (3.40) | | $ (3.83) | | $ (6.40) |
| Adjusted EBITDA | $ 47.9 | | $ (10.4) | | $ 60.4 | | $ (10.2) |
The year-over-year increase in second quarter sales was primarily attributable to favorable volume and mix as well as realized recoveries of material cost inflation, which are reflected in customer price adjustments. These were partially offset by foreign exchange.
Net loss for the second quarter 2023 was $27.8 million, including restructuring charges of $8.5 million and other special items. Net loss for the second quarter 2022 was $33.2 million, including restructuring charges of $3.5 million and other special items. Adjusted net loss, which excludes restructuring, other special items and their related tax impact, was $20.0 million in the second quarter 2023 compared to adjusted net loss of $58.5 million in the second quarter of 2022. The year-over-year improvement was primarily due to improved volume and mix and favorable price adjustments, partially offset by higher interest expense, continuing inflationary pressure, including higher labor and energy costs, and unfavorable foreign exchange.
Adjusted EBITDA for the second quarter of 2023 was $47.9 million compared to $(10.4) million in the second 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 loss, adjusted EBITDA and adjusted 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 second quarter of 2023, the Company received total net new business awards representing $84.9 million in incremental anticipated future annualized sales. The total included $36.4 million in net new business awards on electric vehicle platforms.
Segment Results of Operations
Sales
| | Three Months Ended June 30, | | | Variance Due To: | ||||||
| | 2023 | | 2022 | | Change | | | Volume / | | Foreign |
| | (dollar amounts in thousands) | |||||||||
| Sales to external customers | | | | | | | | | | |
| North America | $ 368,810 | | $ 331,687 | | $ 37,123 | | | $ 39,691 | | $ (2,568) |
| Europe | 177,897 | | 126,287 | | 51,610 | | | 47,513 | | 4,097 |
| Asia Pacific | 111,222 | | 85,779 | | 25,443 | | | 31,750 | | (6,307) |
| South America | 33,514 | | 26,261 | | 7,253 | | | 7,460 | | (207) |
| Total Automotive | 691,443 | | 570,014 | | 121,429 | | | 126,414 | | (4,985) |
| Corporate, eliminations and other | 32,297 | | 35,903 | | (3,606) | | | (3,905) | | 299 |
| Consolidated sales | $ 723,740 | | $ 605,917 Werbung Mehr Nachrichten zur Cooper-Standard Holdings Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News
28.04.24 - wallstreet:online ...
| |||||||
