US: Taxes, restructuring, hit Cooper-Standard
Cooper-Standard Holdings, parent company of body and chassis and fluid and handling systems specialist Cooper-Standard Automotive has reported second quarter sales of $US624.0m, operating profit of $38.5m, and net income of $9.7m.
Though Q2 sales were $31.5m higher year on year, primarily due to the full quarter impact of the acquisition of the ACH fuel rails business at the end of the first quarter, favourable foreign exchange and increased sales for the quarter in Europe and South America, offset by the impact of volume declines in North America, net income was down $10.4m to $9.7m driven by a change in the effective tax rate and an increase in restructuring charges.
Earnings before taxes (EBT) were $18.3m, a decrease of $3.7m.
"We remain encouraged by our second quarter results as we continue to demonstrate strong operating performance," said chairman and CEO Jim McElya.