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Jun 30, 2023
Cooper Standard Q2 2023 Earnings Report
Reported strong sales growth and continuing margin improvement.
Key Takeaways
Cooper Standard's second quarter results reflect continuing world-class operational execution and performance, improved and more stable production volumes, and the continuing implementation of enhanced commercial agreements. Sales totaled $723.7 million, an increase of 19.4% compared to second quarter 2022. Net loss of $27.8 million, or $(1.61) per diluted share, reflected an improvement of $5.4 million vs. the second quarter 2022.
Sales totaled $723.7 million, an increase of 19.4% compared to second quarter 2022
Gross profit totaled $77.7 million, an increase of 405.4% compared to second quarter 2022
Net loss of $27.8 million, or $(1.61) per diluted share, reflected an improvement of $5.4 million vs. the second quarter 2022
Adjusted EBITDA of $47.9 million, or 6.6% of sales, increased by $58.3 million vs. the second quarter 2022
Forward Guidance
Company management expects results for Sales and Adjusted EBITDA will be in line with the initial 2023 guidance it provided in February.
Positive Outlook
- Industry projections for global light vehicle production anticipate continued modest growth through the remainder of the year.
- The Company expects to leverage incremental production volumes to drive further operating efficiencies.
- The Company expects to successfully conclude certain remaining commercial negotiations in the third quarter to drive additional inflation recovery and positive, sustainable price adjustments.
- The Company anticipates delivering further top line growth and margin expansion in the second half of the year.
- Company management expects results for Sales and Adjusted EBITDA will be in line with the initial 2023 guidance it provided in February.
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