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Mar 31, 2021
Cooper Standard Q1 2021 Earnings Report
Improved first quarter results due to favorable volume and mix, including the non-recurrence of COVID-related customer shutdowns, and favorable foreign exchange partially offset by the divestiture of certain businesses in India and Europe in July 2020.
Key Takeaways
Cooper Standard's first quarter sales increased by 2.1% to $669.0 million with organic sales growth of 6.3%. The net loss narrowed by 69.4% to $33.9 million, and adjusted EBITDA increased by 366% to $38.5 million.
Sales increased by 2.1 percent to $669.0 million; organic sales growth was 6.3 percent
Gross profit margin increased by 360 basis points year-over-year
Selling, administrative and engineering expense (SGA&E) as a percent of sales decreased by 210 basis points year-over-year
Net loss narrowed by 69.4 percent to $33.9 million or $(2.00) per diluted share
Forward Guidance
Despite ongoing uncertainty and incremental commodity headwinds, the Company still expects to deliver full-year results within the ranges of our original guidance.
Challenges Ahead
- The ongoing global microchip shortage has caused significant delays and disruption of automotive production around the world.
- The timeframe for a resolution to the microchip market imbalance is uncertain.
- Our largest customers have announced significant reductions of their production schedules for certain key vehicles in the second quarter of 2021.
- Uncertainty remains.
- Incremental commodity headwinds.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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