Cooper Standard has posted first quarter net income up 46% to US$30.6m and adjusted EBITDA of US$103.6m million, with record sales of US$862.5m.
First quarter net income, excluding restructuring and other special items totalled US$47.4m. Adjusted net income in the prior year period was US$29.7m.
“Our record results in the quarter are attributable to our strategy, culture and engaged employees, as well as our continued focus on innovation and operational excellence,” stated Cooper Standard chairman and CEO, Jeffrey Edwards.
“We are pursuing very focused initiatives in each of our operating regions to drive additional growth, profitability and cash flow.
“Following this quarter’s strong start, we expect to continue building further strategic and financial momentum for our company throughout the year.”
During the first quarter, Cooper Standard launched 70 new customer programmes, 48 of which were on global platforms, and secured US$167m in annual net new business.
Also during the quarter, the company completed a secondary public offering of 2.3m shares of common stock, which had been owned by its three largest shareholders and announced a US$125m share repurchase programme.