Cooper Standard reported third quarter 2014 net income of US$22.7m, including a gain of US$15.3m (after tax) related to the sale of its thermal and emissions product line, compared to US$20.6m.
Net income for the nine months ended September 30, 2014, was US$55.6m
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The company posted revenue of US$781m for the third quarter of 2014, up 2.2%, impacted by increased volumes in North America and Asia Pacific, share gains in Europe and incremental sales related to the Jyco acquisition, which was completed July, 2013.
These items were partially offset by lower production volumes in Brazil, customer price concessions, the sale of the company’s thermal and emissions product line and unfavourable foreign exchange of US$3.1m.
Gross profit for the quarter was US$111.3m, or 14.2% of sales, compared to US$115m, or 15.1% of sales, for the same period last year.
The decrease in gross profit margin was driven primarily by unfavourable foreign exchange, customer price concessions, higher staffing costs and other operating expenses, partially offset by the favourable impact of improvement savings.
