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Sep 30, 2022
Cooper Standard Q3 2022 Earnings Report
Reported strong sales growth and margin improvement.
Key Takeaways
Cooper Standard's Q3 2022 sales increased by 24.8% compared to Q3 2021, totaling $657.2 million. The net loss narrowed to $32.7 million, and adjusted EBITDA totaled $20.5 million with margin improvement. The company secured $66 million in net new business awards, including $27 million for electric vehicles.
Sales totaled $657.2 million, a 24.8% increase compared to Q3 2021.
Net loss narrowed to $32.7 million, an improvement from the $123.2 million loss in Q3 2021.
Adjusted EBITDA reached $20.5 million, with an adjusted EBITDA margin improvement of approximately 950 basis points compared to Q3 2021.
The company achieved $66 million in net new business awards, including $27 million for electric vehicle platforms.
Forward Guidance
The Company is adjusting its 2022 full year guidance based on industry projections, macroeconomic conditions, customer production schedules and the Company's results to date.
Positive Outlook
- Sales are expected to be between $2.45 - $2.55 billion.
- Adjusted EBITDA is projected to be $45 - $50 million.
- Capital Expenditures are anticipated to be $80 - $90 million.
- Cash Restructuring costs are estimated at $20 - $30 million.
- Net Cash Taxes / (Refund) are forecasted to be $(50) - $(55) million.
Challenges Ahead
- Industry projections for global light vehicle production growth have moderated.
- OEM production schedules remain erratic.
- Actual volumes are falling well short of industry forecasts.
- Continuing material cost inflation.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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