NORTHVILLE, Mich., April 29, 2024 /PRNewswire/ -- Cooper Standard (NYSE: CPS) is pleased to announce that it has been recognized as a General Motors 2023 Supplier of the Year. GM celebrated honorees at its 32nd annual Supplier of the Year event in Aventura, Florida earlier this month. GM's Supplier of the Year award recognizes global suppliers that distinguish themselves by exceeding GM's requirements, in turn providing customers with innovative technologies and the highest quality in the automotive industr ...

NORTHVILLE, Mich., April 17, 2024 /PRNewswire/ -- Cooper-Standard Holdings Inc. (NYSE: CPS) expects to release its financial results for the first quarter 2024 on Monday, May 6 after market close. The Company's earnings results will be posted to the Cooper Standard website (https://ir.cooperstandard.com/) once released. Cooper Standard will host a conference call on Tuesday, May 7 at 9 a.m. ET. The Company's Chairman and Chief Executive Officer Jeffrey Edwards and Chief Financial Officer Jonathan Banas will ...

NORTHVILLE, Mich., April 3, 2024 /PRNewswire/ -- As the electric vehicle (EV) market continues to evolve, automakers remain focused on improving vehicle driving range to help address consumer adoption. Key enablers to improving range include both lightweighting of components as well as improving overall thermal management system efficiency. Highlighting how Cooper Standard (NYSE: CPS) is addressing the evolving thermal management needs of the automotive industry, Dr. Brian J. Cardwell, senior director of ad ...

igoriss On Friday, the share price of (NYSE:CPS) fell around 26% due to missed market expectations. It is down 24% since my last report. I was bullish on CPS, and I still am bullish on it. I think the fall could be a good opportunity, and I will discuss the reasons behind me saying this. I stay with my buy rating. Financial Analysis It recently posted its Q4 FY23 & FY23 results. The sales for Q4 FY23 were $673.6 million, a rise of 3.7% compared to Q4 FY22. Strong sales growth in South America and Europe ...

Shares of Cooper-Standard (CPS -26.25%) fell 26.1% on Friday after the sealing and fluid-handling systems company announced disappointing quarterly results.Cooper Standard grew despite headwindsFor its fourth-quarter 2023, Cooper Standard's revenue grew 3.7% year over year to $673.6 million, translating to an adjusted (non-GAAP) net loss of $31.1 million, or $1.79 per share. By comparison, most analysts expected a much narrower net loss of $0.79 per share on revenue closer to $693 million.Trending toward th ...

Cooper-Standard Holdings Inc. (NYSE:CPS) Q4 2023 Earnings Conference Call February 16, 2024 9:00 AM ET Company Participants Roger Hendriksen - Director of Investor Relations. Jeff Edwards - Chairman and Chief Executive Officer Jon Banas - Executive Vice President and Chief Financial Officer Conference Call Participants Kirk Ludtke - Imperial Capital Michael Ward - Freedom Capital Ben Briggs - Sonic Financial, Inc. Brian DiRubbio - Baird Zohair Azmi - Beach Point Capital Operator Good morning, ladies and gen ...

Agenda 2. Financial Overview Jon Banas | Executive VP and Chief Financial Officer 5. Forward-Looking Statements This presentation also contains estimates and other information that is based on industry publications, surveys, and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information. Continued Operating Excellence, Strong Financial Improvement 2023 Key Statistics | --- | --- | |--------------------- ...

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. ...

Sales and Customer Base - In 2023, approximately 84% of Cooper Standard's sales were to OEMs, with Ford and GM being significant customers, accounting for 25% and 17% of sales respectively[22][34] - Sales to the three largest customers, Ford, GM, and Stellantis, represented approximately 55% of total sales for the year ended December 31, 2023, highlighting customer concentration risk[84] - Approximately 78% of the company's sales in 2023 were attributable to products manufactured outside the United States, indicating significant international exposure[86] - 55% of sales were generated in North America, highlighting the company's significant international operations[130] Financial Performance - Total sales for the year ended December 31, 2023, were $2,815,879 thousand, an increase of $290,488 thousand or 11.5% compared to 2022[144] - Gross profit for 2023 was $290,776 thousand, up from $129,791 thousand in 2022, indicating an increase of $160,985 thousand[143] - Operating profit for 2023 was $46,031 thousand, a significant improvement of $151,033 thousand compared to a loss of $105,002 thousand in 2022[143] - The net loss for 2023 was $203,316 thousand, which is an improvement of $14,475 thousand compared to a net loss of $217,791 thousand in 2022[143] Operational Strategy and Innovations - Cooper Standard aims to achieve and sustain double-digit EBITDA margins and strong free cash flow generation as part of its financial strength strategy[25] - The company expects to report its financial results in two segments: Sealing Systems and Fluid Handling Systems, starting from Q1 2024[22] - Cooper Standard's ISG business has been expanded through strategic acquisitions, including Lauren Manufacturing and Lauren Plastics in 2018[23] - The company has developed innovative technologies such as Fortrex™, which offers reduced weight and superior material performance, and has received multiple industry awards for its innovations[29] Research and Development - In 2023, the company spent 3.0% of sales on engineering, research and development, down from 3.2% in 2022 and 3.9% in 2021[48] - The company is strategically integrating digital tools and advanced analysis to enhance product development and sustainability, including a 100% virtual testing capability for certain products[29] Workforce and Safety - The company operates 128 facilities in 21 countries and employs around 23,000 people, including 3,000 contingent workers[22] - As of December 31, 2023, the company employed approximately 23,000 individuals, with a voluntary employee turnover rate of about 15%[56] - The total incident rate for workplace injuries in 2023 was 0.32, indicating a strong focus on employee safety compared to industry peers[58] - The company aims to diversify its workforce, with women representing approximately 40% of total employees and 24% of leadership positions[58] Environmental and Social Responsibility - The company has made efforts to reduce environmental impacts through sustainable sourcing and manufacturing practices[52] - The company was recognized on Newsweek's list of America's Most Responsible Companies for the fifth consecutive year in 2023[60] Risks and Challenges - The company faces significant risks related to inflation, which could adversely affect profit margins and cash flows if pricing adjustments cannot be negotiated[66] - Disruptions in the supply chain could negatively impact operations and financial performance, particularly due to industry-wide parts shortages[68] - The automotive parts industry is highly competitive, with numerous competitors exerting downward pressure on pricing and margins[77] - The company is exposed to risks associated with cybersecurity threats, which could disrupt operations and impact financial performance[71] Debt and Financial Obligations - As of December 31, 2023, the company had total indebtedness of $1,095 million, which could adversely affect its financial condition and ability to obtain future financing[92] - The company faces significant operating and financial restrictions due to covenants in its credit agreements, limiting its ability to incur additional debt or pay dividends[96] - The company incurred a settlement loss of $16.3 million during the year ended December 31, 2023, related to pension plan obligations[103] Pension and Retirement Plans - As of December 31, 2023, the company's U.S. pension plans were underfunded by $14.4 million, and non-U.S. pension plans were underfunded by $92.2 million[101] - The funded status of the plans showed a deficit of $14,356 million for U.S. plans and $92,245 million for Non-U.S. plans, leading to a total deficit of $106,601 million[169] Market Trends and Economic Outlook - Global light vehicle production in 2023 was approximately 90.1 million units, reflecting an increase of about 9.4% compared to 2022[135] - The company expects the Brazilian economy to grow by 1.7% in 2024, influenced by a slowdown in agricultural exports[134] - Economists at the IMF project the U.S. economy to grow by 2.1% in 2024, with consumer confidence trending downward since July 2023[134]

NORTHVILLE, Mich., Feb. 5, 2024 /PRNewswire/ -- Cooper-Standard Holdings Inc. (NYSE: CPS) expects to release its financial results for the fourth quarter and full year 2023 on Thursday, Feb. 15 after market close. The Company's earnings results will be posted to the Cooper Standard website (https://ir.cooperstandard.com/) once released. Cooper Standard will host a conference call on Friday, Feb. 16 at 9 a.m. ET. The Company's Chairman and Chief Executive Officer Jeffrey Edwards and Chief Financial Officer J ...