Cooper Standard has posted second-quarter net income up 3.5% to US$41.9m, with sales increasing 2% to US$928m.
“Our team continued to perform well despite challenging market conditions in the quarter,” said Cooper Standard chairman and CEO, Jeffrey Edwards.
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“We are on pace for a record year of new business awards and our focus on driving cost efficiencies generated nearly US$22m in savings within our core business.
“In addition, we announced two acquisitions that will expand our product offerings and further diversify the markets we serve. We expect improved performance in the second half of the year as the volume and mix of vehicle production returns to planned levels, especially in North America.”
Notable Developments:
- During the second quarter, Cooper Standard launched 51 new customer programmes and was awarded US$144m in annual net new business.
- New contract awards for the company’s recent product innovations, including both new and replacement business, totalled $49m in the quarter.
- Subsequent to the end of the quarter, the company received its first production order for Fortrex sealing products in China.
- Cooper Standard’s expanding portfolio of commercialised innovation products includes: MagAlloy; ArmorHose; ArmorHose TPV; Gen III Posi-Lock; TP Microdense and Fortrex.
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