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NOVI, Mich. - Cooper-Standard Holdings Inc, the parent company of Cooper-Standard Automotive Inc today announced results for the first quarter of 2008 that continue to show strong performance as the company further executes its strategy to expand its footprint and diversify its customer base.
Net sales for the quarter increased by $180 million to $756 million compared to $576 million during the same quarter in 2007. The increase reflects sales from the Metzeler Automotive Profile Systems (MAPS) sealing businesses and the El Jarudo Mexico fuel rail operations acquired in 2007, as well as favorable foreign exchange.
Operating profit increased to $41.5 million or 5.5% of sales, compared to $32.2 million, or 5.6% of sales in the first quarter of 2007. The $9.3 million increase in operating profit was driven by the previously mentioned acquisitions, favorable foreign exchange, lean initiatives and restructuring related activities, offset to some extent by elevated material prices and an unfavorable platform mix in North America.
The company reported net income of $15.7 million in the first quarter versus net income of $4.7 million for the same period in 2007. The year over year improvement was driven by the previously mentioned factors and a lower effective tax rate for the quarter ended March 31, 2008. Adjusted EBITDA, a measure of operating performance which excludes certain non-cash and non-recurring items, increased to $83.1 million in the first quarter of 2008 from $65.6 million for the same period in 2007. A table reconciling Adjusted EBITDA, a non-Generally Accepted Accounting Principle (GAAP) measure, can be found at the end of this release.
“We continue to execute our long-term strategy of exceeding customer expectations in the expanding global automotive market. Our net new business of $66 million for the quarter demonstrates our strong ability to earn global business with an increasingly diversified customer base while at the same time winning business in North America as the supply base consolidates. Our continued focus on lean initiatives and restructuring activities helped to mitigate the impact of lower North American light vehicle production volumes and the continuing increases we experienced in certain raw material prices,” said Jim McElya, chairman and CEO. Operational Highlights
Key launches: Within the quarter, the company launched production on new customer vehicles, business previously supplied by others (conquest), as well as next generation models for existing platforms. Highlights of this activity include:
- Chrysler (300/Charger, Caravan/Town & Country and Dodge Journey)
- Ford (Kuga)
- GM (Impala, LaCrosse)
- Toyota (Corolla)
- Nissan (Altima, Armada/Titan and QX56)
- VW (Passat Coupe and Polo)
Cooper-Standard Automotive Inc., headquartered in Novi, Mich., is a leading global automotive supplier specializing in the manufacture and marketing of systems and components for the automotive industry.
Courtesy: Cooper-Standard Holdings Inc, USA
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