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2021-11-03

Cooper Standard Reports Third Quarter Results

Cooper-Standard Holdings Inc.
Cooper Standard Reports Third Quarter Results

03-Nov-2021 / 21:30 CET/CEST


Cooper-Standard Holdings Inc. (NYSE: CPS) today reported results for the third quarter 2021.

Third Quarter 2021 Summary

  • Sales totaled $526.7 million, reflecting the negative impact of ongoing semiconductor-related customer schedule reductions
  • Net loss amounted to $123.2 million or $(7.20) per diluted share
  • Adjusted EBITDA totaled $(33.9) million, including the negative impact of semiconductor-related customer schedule reductions, higher materials costs and allowance for credit loss
  • Electric Vehicle platforms accounted for approximately $30 million in net new business awards
  • Subsequent to quarter end, the Company reached a long-term commercial agreement to license its FortrexTM technology to a footwear manufacturer

'Our operating teams continue to deliver world-class products, technology and service to our customers around the world despite significant ongoing headwinds and challenges,' said Jeffrey Edwards, chairman and CEO, Cooper Standard. 'Our commercial teams are engaged in aggressive discussions with our customers and suppliers to offset the incremental costs we have incurred from volatile production schedules and materials price inflation. We remain focused on optimizing those aspects of our business that are within our control and on executing our longer-term strategic initiatives.'

Consolidated Results

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

2021

2020

(dollar amounts in millions except per share amounts)

Sales

$

526.7

$

683.2

$

1,728.8

$

1,678.6

Net (loss) income

$

(123.2)

$

4.4

$

(220.6)

$

(240.4)

Adjusted net (loss) income

$

(106.4)

$

3.6

$

(172.0)

$

(144.7)

(Loss) earnings per diluted share

$

(7.20)

$

0.26

$

(12.96)

$

(14.22)

Adjusted (loss) earnings per diluted share

$

(6.23)

$

0.21

Författare EQS Newswire