Cooper Standard has posted fourth-quarter net income down 8% to US28.3m, including a US$33.5m charge related to recent tax reform legislation in the US, with sales of US$937.9m.
Full-year net income was US$135.3m with sales rising 4.2% to a record US$4.62bn.
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"Cooper Standard had another outstanding year in 2017," said chairman and CEO, Jeffrey Edwards. "It was our best year ever in terms of employee safety and we set new all-time highs in sales, adjusted EBITDA and adjusted EBITDA margin.
"In addition, our progress in material science and product innovation and the establishment of our adjacent markets business are creating new and exciting opportunities for the future."
Fourth quarter 2017 net income excluding restructuring and other special items was US$63.6m, compared to US$48.1m.
Notable Developments:
During the fourth quarter, Cooper Standard launched 42 new customer programmes and was awarded US$107.6m in annual net new business. For the full year 2017, the supplier's annual net new business awards totalled US$453m, an increase of 13.8% compared to 2016.
New contract awards for the company's recent product innovations totalled US$45.1m in the quarter, including the supplier's fourth production contract for Fortrex sealing products.
Since the first quarter of 2016, contract awards for innovation products total $464.0m. commercialised innovation products include: MagAlloy; ArmorHose; ArmorHose TPV; Gen III Posi-Lock; TP Microdense; and Fortrex.
