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Sep 30, 2023
Cooper Standard Q3 2023 Earnings Report
Reported strong results driven by higher production volume, operating efficiency, and enhanced commercial agreements.
Key Takeaways
Cooper Standard reported a net income of $11.4 million for Q3 2023, a significant improvement compared to the net loss of $32.7 million in Q3 2022. Sales increased by 12.0% year-over-year to $736.0 million, and adjusted EBITDA rose to $79.1 million. The company also raised its full-year 2023 guidance for sales and adjusted EBITDA.
Sales totaled $736.0 million, up 12.0% compared to Q3 2022.
Gross profit increased by 176.3% to $106.5 million compared to Q3 2022.
Net income was $11.4 million, an improvement of $44.0 million compared to Q3 2022.
Adjusted EBITDA reached $79.1 million, or 10.7% of sales, an increase of $58.6 million compared to Q3 2022.
Forward Guidance
Company management has updated full year guidance ranges as follows: Sales $2.7 - $2.8 billion and Adjusted EBITDA $165 - $180 million.
Positive Outlook
- Industry projections for global light vehicle production anticipate continued year-over-year growth in the fourth quarter of 2023
- Company expects to continue leveraging incremental production volumes to drive further growth and operating efficiencies.
- Company expects to successfully conclude certain remaining commercial negotiations in the fourth quarter
- Additional inflation recovery
- Positive, sustainable price adjustments
Challenges Ahead
- Strike related reductions in North America.
- Continuing inflationary pressures, including higher labor and energy costs
- Unfavorable foreign exchange
- Volatility or decline of the company’s stock price
Historical Earnings Impact
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Avg. Return Before/After Earnings
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