Cooper-Standard Holdings, the parent company of Cooper-Standard Automotive, on Thursday announced a second-quarter gross profit rise of $11.2m to $118m on sales up $141.6m to $765.6m.
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Net income was $11.6m for the quarter compared with $9.7m in Q2, 2007.
The supplier said its sales increased primarily due to its Metzeler Automotive Profile Systems (MAPS) acquisitions, favourable exchange rates and strength in Europe and Brazil, which helped offset production declines in North America.
Gross profit for the second quarter was 15.4% of sales versus 17.1% a year ago due to material cost increases plus the impact of production volume and product mix changes in North America.
Adjusted EBITDA increased to $77.3m in the second quarter compared with $76.7m a year ago.
“Cooper-Standard Automotive’s operational flexibility, financial discipline, widening global presence and growing customer diversity have helped the company to perform well in a very difficult environment,” said President and CEO Edward Hasler.
“We continue to expand our presence in emerging markets, build our relationships with both new and existing customers, and create innovative products which add to the breadth and depth of our product portfolio. We also continue to adjust our cost structure to reflect the weakness and structural changes in the markets we serve.”
