Loading...
•
Jun 30, 2021
Cooper Standard Q2 2021 Earnings Report
Reported a net loss due to semiconductor-related customer shutdowns and commodity inflation weighing on sales and profit.
Key Takeaways
Cooper Standard reported a sales of $533.2 million, which was negatively impacted by approximately $200 million due to semiconductor-related customer shutdowns. The company's net loss was $63.6 million, or $(3.73) per diluted share. Adjusted EBITDA totaled $(14.7) million, also impacted by the shutdowns. However, the company secured $91.8 million in net new business awards, including $28.0 million for electric vehicle platforms.
Sales totaled $533.2 million, with a negative impact of approximately $200 million from semiconductor-related customer shutdowns.
Net loss amounted to $63.6 million or $(3.73) per diluted share.
Adjusted EBITDA totaled $(14.7) million, including the negative impact of semiconductor-related customer shutdowns.
Net new business awards totaled $91.8 million, including $28.0 million in new business awards on electric vehicle platforms.
Forward Guidance
The Company has updated its 2021 full year guidance as follows: Sales $2.45 - $2.60 billion Adjusted EBITDA $75 - $105 million Capital Expenditures $100 - $115 million Cash Restructuring $40 - $45 million Cash Taxes $10 - $15 million
Positive Outlook
- Expect production volumes will begin to improve in the latter portion of the third quarter
- Expect production volumes will continue to increase through the fourth quarter.
- Strong consumer demand for new light vehicles remains.
- U.S. dealer inventories are at the lowest levels in over 20 years.
- Expect our current strong cash balance, anticipated incremental free cash flow in the second half of 2021 and access to flexible credit facilities will provide sufficient resources to support ongoing operations and the execution of planned strategic initiatives.
Challenges Ahead
- Light vehicle manufacturers and their suppliers continue to experience significant production delays and disruption due to the ongoing global semiconductor shortage and other supply chain constraints.
- Higher commodity costs creating additional headwinds.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...