Cooper Standard reports 18% increase in revenue

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Cooper Standard reports 18% increase in revenue

Tuesday, March 13, 2012
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Novi, MI - Cooper Standard reported revenue of $695.7 million for the fourth quarter of 2011 and $2.85 billion for the full year, representing growth of 15.2% and 18.2%, respectively, over the 2010 comparable periods. This revenue growth reflects higher industry volumes, favorable foreign currency exchange movement as well as businesses acquired during 2011, which contributed approximately $58 million in the fourth quarter and $158 million for the full year. Gross profit for the quarter ended December 31, 2011 was $97.6 million compared to $96.8 million in the fourth quarter of 2010. Gross profit in the 2011 fourth quarter represented 14% of sales, compared to 16% of sales in the fourth quarter of 2010, with comparatively lower gross margins at the recently established Cooper Standard France joint venture and increased raw material prices accounting for the majority of the difference. For the full year 2011, the Company’s revenue growth and lean initiatives offset higher raw material and acquisition costs, generating gross profit of $450.6 million, representing 15.8% of sales, compared to $409.6 million in 2010, or 17% of sales. The Company reported net income of $23.2 million in the fourth quarter of 2011, compared to $14.8 million in 2010. Net income growth was due primarily to increased volumes, lean savings and lower effective tax rates, which offset higher raw material prices and increased SG&A. The company reported full year 2011 net income of $102.8 million, or $3.93 per share on a diluted basis.