Cooper Standard Reports Q4 and 2018 Year Result

For the full year 2018, the Company’s annual net new business awards totaled $441 million 

During the fourth quarter, Cooper Standard launched 56 new customer programs and was awarded $64 million in annual net new business.  For the full year 2018, the Company’s annual net new business awards totaled $441 million.  New contract awards related to the Company’s recent product innovations, including both new and replacement business, totaled $70 million for the quarter.  Cooper Standard’s expanding portfolio of commercialized innovation products includes: MagAlloy™; ArmorHose™; ArmorHose™ TPV; Gen III Posi-Lock™; TP Microdense; and Fortrex™

Cooper Standard’s North America segment reported sales of $476.4 million in the fourth quarter of 2018 compared to $479.4 million in the fourth quarter of 2017. The change was primarily attributable to unfavorable volume and mix and customer price adjustments, offset by incremental sales related to acquisitions.

North America segment profit was $51.3 million in the fourth quarter of 2018 compared to $65.2 million in the fourth quarter of 2017. The year-over-year change was primarily attributable to unfavorable volume and mix, higher material costs, customer price adjustments and inflation, partially offset by improvements in operating efficiency, lower compensation-related expense and other cost reduction initiatives.

“Market conditions in Asia and Europe remained challenging during the fourth quarter and commodity costs continued to increase globally,” stated Jeffrey Edwards, chairman and CEO, Cooper Standard. “While we anticipate similar headwinds in 2019, we are focused on executing our strategy to create value through innovation, improving operating efficiency and increasing returns on invested capital.  Strong net new business awards in 2018 and a record number of new program launches planned for 2019, both in our automotive and non-automotive businesses, support our positive long-term outlook for profitable growth.”

Category: Featured, General Update, News, Wheels & Tires