Cooper-Standard Holdings has reported a US$55m net loss for the first quarter, compared to net income of $15.7m for the same period of 2008, due to significantly lower sales, increased restructuring and reorganisation costs and unfavourable foreign exchange.
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The parent company of fluid systems, sealing and chassis parts specialist Cooper-Standard Automotive said Q1 net sales were $401.8m, down from $756m a year previously. This decrease resulted primarily from significantly lower vehicle production volume in North America, Europe and Brazil, unfavourable changes in vehicle mix and the strengthening of the US dollar.
Net interest expense for the quarter totalled $21.1m, a $3.1m improvement over the prior year first quarter, due to lower interest rates and reduced term loan balances.
“Severe economic conditions have kept demand for new vehicles at historically low levels and brought transformational changes to the global automotive industry,” said chairman and CEO James McElya.
“The numerous cost-containment actions taken by our management team, including a reorganisation of our operating structure, have enabled us to partially offset lower industry volumes and position the company for success as the industry consolidates, while fully serving our global customers.”
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