Cooper-Standard Holdings ( (CPS) ) has released its Q3 earnings. Here is a breakdown of the information Cooper-Standard Holdings presented to its investors.
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Cooper-Standard Holdings Inc., based in Northville, Michigan, is a major global supplier specializing in sealing and fluid handling systems for the transportation and industrial sectors. The company leverages its expertise in materials science and manufacturing to provide innovative and sustainable solutions.
In the third quarter of 2024, Cooper-Standard reported a net loss of $11.1 million, or $0.63 per diluted share, despite achieving $24.5 million in cost savings through lean operations. The company’s adjusted EBITDA stood at $46.1 million, representing 6.7% of sales, amidst challenging market conditions including lower production volumes and unfavorable foreign exchange rates.
Key highlights from the report include the company’s successful acquisition of $44 million in net new business awards, predominantly driven by its ventures in battery electric and hybrid vehicle platforms. However, a year-over-year decline in sales and adjusted EBITDA was noted, primarily due to non-repeating commercial settlements from the previous year and persistent economic headwinds.
Looking ahead, Cooper-Standard maintains a cautious but optimistic outlook for the remainder of 2024 and into 2025. The company plans to continue its focus on lean initiatives to enhance profit margins and cash flow, aiming to counteract ongoing inflationary pressures and exchange rate challenges. Management remains committed to its strategic initiatives and believes in its capacity to support ongoing operations through its financial resources.
