Cooper Standard’s net income up 33% during first quarter
Michigan-based Cooper Standard reported a strong net income of US$ 41.7 million, or US$ 2.20 per diluted share, during the first quarter of 2017, up 33.2% when compared to the US$ 31.3 million, or US$ 1.67 per diluted share, from the same period of 2016.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of US$ 111.0 million, up 7.2% compared to US$ 103.5 million the previous year.
The company reported sales of US$ 902.1 million during the first quarter, 4.6% more against the US$ 862.5 million in the same three-month period of 2016.
Cooper Standard, headquartered in Novi, Michigan, is a global supplier of systems and components for the automotive industry. Its catalog includes rubber and plastic sealing, fuel and brake lines, fluid transfer hoses and anti-vibration systems.
Cooper Standard employs more than 30,000 people globally and operates in 20 countries around the world. The company operates eight production sites in Mexico, including two in Juarez, Chihuahua and two more in Guaymas, Sonora. Other facilities are located in Aguascalientes, Atlacomulco, Torreon and Saltillo.
“Our team delivered excellent results for the first quarter and put us on track to deliver another record year in 2017,” stated Jeffrey Edwards, chairman and CEO of Cooper Standard. “In addition, our continued focus on innovation and delivering game-changing technology is contributing to new customer orders and booked business.”
Cooper Standard’s first quarter net income, excluding restructuring and other special items (adjusted net income) totaled US$ 55.9 million, or US$ 2.95 per diluted share. Adjusted net income in the prior year period was US$ 48.2 million, or US$ 2.57 per diluted share.
The Company’s adjusted EBITDA margin for the first three months of 2017 increased 30 basis points to 12.3% compared to 12.0% in the first three months of 2016.
During the first quarter, Cooper Standard launched 29 new customer programs and was awarded US$ 140.9 million in annual net new business. In addition, the Company received a significant production contract for its Fortrex static sealing system products on a major SUV platform.
Fortrex is a new, proprietary material science technology that provides significant weight reduction and performance improvements versus traditional sealing systems.