US: Cooper-Standard hikes 2011 sales forecast
Cooper-Standard booked revenue of $760.5m for the second quarter of 2011, compared with $628.4m the previous year, reflecting increased sales resulting from its recently established joint venture with Fonds de Modernisation des Equipementiers Automobiles (FMEA), higher industry volumes, and favorable foreign currency exchange movements.
Revenue for the first half to 30 June, 2011 was $1.45bn, compared to $1.22bn.
Q2 net income was $19m after a $36m restructuring charge related to the closing of a French joint venture facility. Net income a year before included accounting adjustments related to reorganisation and "therefore does not offer a reasonable basis for comparison", the supplier said.
H1 net income was $64.0m.
Gross profit for the quarter increased to $123.7m, or 16.3% of sales, from $106.2m, or 16.9% of sales. H1 gross profit was $244.5m, or 16.9% of sales, compared to $210.7m, or 17.2% of sales, due to lower margins at acquired businesses and increased raw material prices.
Second quarter adjusted EBITDA was $90.3m, or 11.9% of sales, compared with $73.8m, or 11.7% of sales. Adjusted H1 EBITDA was $182.2m versus $147.6m.
“Cooper Standard delivered solid performance in the second quarter, including 21% sales growth and another quarter of double-digit EBITDA margins despite elevated raw material costs,” said Jim McElya, chairman and chief executive officer, Cooper Standard. “Our recent joint venture and acquisition transactions have further strengthened our global footprint and are enabling us to be even more competitive on global platforms across all of our businesses."
Reflecting effects of acquisitions and updated industry volume and foreign exchange projections, Cooper Standard raised its 2011 sales expectations to a range of $2.8bn to $2.9bn.
Its current 2011 industry volume assumptions are North American production of 13.1m units and European production of 20m.