Cooper-Standard Holdings Inc. (NYSE: CPS) today reported results for the first quarter 2019.
Summary
- Sales totaled $880.0 million
- Net loss of $3.5 million or $(0.20) per diluted share
- Adjusted EBITDA of $66.4 million or 7.5 percent of sales
- Adjusted net income of $11.8 million or $0.67 per diluted share
- Two significant new Fortrex™ technology agreements signed subsequent to quarter end
- Full year 2019 adjusted EBITDA guidance reaffirmed
“Our results were in line with our expectations for the quarter despite continuing global economic headwinds,” said Jeffrey Edwards, chairman and CEO, Cooper Standard. “As market conditions remain challenging, we are aggressively implementing and accelerating additional cost improvement initiatives that will drive improved margins and cash flow going forward. Combined with the expected positive impact from a record number of planned new launches, we anticipate full year adjusted EBITDA results in line with our original guidance.”
Consolidated Results
The year-over-year change in first quarter sales was primarily attributable to unfavorable volume and mix, foreign exchange and customer price adjustments, partially offset by the net positive impact of acquisitions.
Net loss for the first quarter 2019 included the impact of restructuring charges related to headcount reduction actions, as well as project costs related to the recent sale of the Company’s AVS business. Adjusted net income, which excludes these items, was down in the first quarter 2019 due largely to unfavorable volume and mix, customer price adjustments, higher material costs and general inflation, partially offset by operating efficiencies and other cost saving initiatives.
Adjusted net income, adjusted EBITDA and adjusted earnings per diluted share are non-GAAP measures. Reconciliations to the most directly comparable financial measures, calculated and presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), are provided in the attached supplemental schedules.
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SOURCE: Cooper Standard
