Cooper-Standard’s revenue increases 11 percent

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Thursday, May 10, 2012
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: q8 T* |- t; D, Q% r+ tNovi, MI - Cooper-Standard Holdings reported revenue of $765.3 million for the first quarter of 2012, representing growth of 11 percent as compared to $688.8 million in the first quarter of 2011. This increase is reflective of strong vehicle production in North America, varying volume and vehicle mix in other regions, and businesses acquired during 2011. Foreign exchange had an unfavorable impact of $17.5 million. Gross profit for the quarter ended March 31, 2012, was $121.7 million compared to $120.8 million in the first quarter of 2011. The company’s revenue growth and lean initiatives offset increases in raw material prices, operating costs and expenses related to launch and expansion activities. The company reported net income of $23.8 million in the first quarter of 2012, compared to $44.9 million in 2011, which included an $11.4 million gain from a sale of a portion of the company’s interest in a joint venture. For the first quarter, Cooper Standard reported adjusted EBITDA of $83.2 million or 10.9 percent of sales, as compared to $91.9 million in the first quarter of 2011