Core Viewpoint - Cooper-Standard Holdings Inc. experienced a significant decline in stock price following its fourth-quarter 2024 earnings report, with a 9.3% drop compared to a slight gain in the S&P 500 index [1] Revenue & Earnings Performance - The company reported an adjusted loss per diluted share of 16 cents for Q4 2024, an improvement from a loss of $1.79 in the same quarter last year [2] - Revenues for Q4 2024 were $660.8 million, reflecting a 1.9% decrease from the previous year, primarily due to unfavorable foreign exchange movements, customer price adjustments, and lower production volumes [2] Key Business Metrics - Sealing Systems division revenues were $350.4 million, slightly down from $351.6 million year-over-year, impacted by adverse foreign exchange effects [3] - Fluid Handling Systems segment revenues fell 3.5% year-over-year to $294.8 million, down from $305.4 million, due to lower production volumes and price adjustments [3] Profitability Improvement - Adjusted EBITDA for Sealing Systems increased by 47.1% to $40.2 million from $27.3 million a year earlier, driven by cost efficiencies and restructuring savings [4] - Fluid Handling Systems saw a 74.7% increase in adjusted EBITDA to $27.3 million from $15.6 million, benefiting from cost optimization and operational efficiencies [4] - Overall adjusted EBITDA more than doubled to $54.3 million, or 8.2% of sales, from $27.6 million in the prior-year quarter, aided by manufacturing efficiencies and lower raw material costs [5] Cash Position - As of December 31, 2024, the company held $170 million in cash and cash equivalents, with total liquidity of $339.2 million [6][16] - Cash provided by operating activities in Q4 was $74.7 million, with free cash flow totaling $63.2 million, slightly above $62.1 million in Q4 2023 [7] Operational Efficiency & Cost Savings - The company achieved $76 million in savings from manufacturing and purchasing improvements, along with $24 million in restructuring-related cost reductions [9] - Despite lower cash generation in 2024, management stated that the company has sufficient financial resources to support ongoing operations and meet debt obligations [8][16] Management Commentary - CEO Jeffrey Edwards highlighted the new organizational structure implemented at the start of 2024 as key to driving efficiencies and cost reductions, with $181.4 million in net new business awards, including $105.8 million on electric vehicle platforms [11] Guidance & Industry Outlook - For 2025, Cooper Standard expects revenues between $2.7 billion and $2.8 billion, with adjusted EBITDA projected to be $200-$235 million [13] - The company anticipates a slight decline in global light vehicle production in 2025, particularly in North America and Europe, and plans to focus on lean initiatives and higher-margin business launches [14] Other Developments - The company recorded gains from asset sales, including a facility in Canada and divestitures of non-core businesses, positively impacting its bottom line and liquidity [15] Conclusion - Cooper Standard delivered a strong fourth-quarter performance with a return to profitability, margin expansion, and effective cost-saving execution, while remaining focused on operational efficiency and strategic business wins for 2025 [17]

Sales and Market Position - In 2024, approximately 86% of Cooper Standard's sales were to OEMs, with major customers including Ford, GM, and Volkswagen[20]. - Automotive sales to the three largest customers (Ford, GM, and Stellantis) represented approximately 56% of total sales for the year ended December 31, 2024[97]. - Sales in North America accounted for about 59% of total sales in 2024[165]. - Approximately 78% of sales in 2024 were attributable to products manufactured outside the United States, exposing the company to various international operational risks[101]. - Total sales for the year ended December 31, 2024 decreased by 3.0% to $2,730,893 compared to $2,815,879 in 2023, driven by unfavorable volume and mix, divestitures, and negative foreign exchange impact[196][198]. Company Structure and Operations - The company operates 124 facilities in 20 countries, employing around 22,000 people, making it a leading global producer in its sector[19]. - Cooper Standard's new management structure, effective January 1, 2024, established two reportable segments: Sealing Systems and Fluid Handling Systems, with no impact on consolidated financials[21]. - Cooper Standard operates 124 facilities across 20 countries, with 75 primarily for manufacturing and 49 for design, engineering, and logistics[146]. Financial Performance - Gross profit increased by 4.2% to $302,915 in 2024, with a gross profit margin of 11.1%, up from 10.3% in 2023, attributed to manufacturing and purchasing savings and lower material input costs[200]. - The company reported a net loss of $78,746 in 2024, a significant improvement from a net loss of $201,985 in 2023, reflecting a reduction in losses before income taxes[196]. - Income tax benefit for 2024 was $23.3 million on losses before taxes of $101.5 million, compared to an income tax expense of $8.9 million on losses before taxes of $194.4 million in 2023[210]. - The company has a stock repurchase program authorized for up to $150 million, with approximately $98.7 million remaining as of December 31, 2024[153][154]. Cost Management and Savings - The company achieved an average annual savings of approximately $50 million over the past five years through its Cooper Standard Operating System (CSOS) initiatives[27]. - Continuous improvement programs and cost savings initiatives may not achieve anticipated savings, potentially affecting operating results and financial condition[99]. - Restructuring savings contributed to operational cost decreases of $18.3 million in Sealing Systems and $10.6 million in Fluid Handling Systems[216][217]. Innovation and Technology - The company has developed several innovative technologies, including the Fortrex™ chemistry platform and FlexiCore™, aimed at reducing weight and enhancing performance[31][32]. - The company is strategically integrating AI solutions to enhance product development and operational efficiency, including tools for virtual validation and automated process control[33][34]. - Cooper Standard's innovations have received multiple industry awards, including the Environment + Energy Leader Award in 2022 for the Fortrex™ platform[36][37]. Sustainability and Governance - Cooper Standard's sustainability initiatives are overseen by a Global Sustainability Council, aligning environmental, social, and governance goals with business objectives[28]. - The company achieved Ecovadis Silver Status for sustainability efforts and was recognized as one of America's Most Responsible Companies for six consecutive years[67]. - The company aims to reduce environmental impact through sustainable sourcing and innovative materials[56]. Workforce and Employment - Approximately 22,000 employees were reported as of December 31, 2024, with a voluntary turnover rate of about 13%[62]. - Women comprised approximately 40% of the workforce and held about 21% of leadership positions in 2024[64]. - The ability to attract and retain a skilled workforce is critical for driving innovation and achieving strategic goals[90]. Risks and Challenges - The company faces significant risks from supply chain disruptions, which could adversely impact operations and financial performance[78]. - Inflationary pressures may increase overall cost structures, affecting profit margins and cash flows if pricing adjustments with customers are unsuccessful[75][76]. - There is a risk of material losses from product liability and warranty claims, which could harm reputation and financial condition[87][89]. - Public health events, such as pandemics, could materially impact financial condition and operational results due to shutdowns and increased costs[91][92]. - The company faces competition from numerous competitors, including those in lower-cost regions, which could exert downward pressure on pricing and margins[98]. Debt and Financial Obligations - As of December 31, 2024, total indebtedness was $1,100.3 million, which could limit the company's operational flexibility and ability to obtain future financing[112]. - The company's effective tax rate and cash tax liability could be volatile due to changes in earnings mix, debt, and capital structure, impacting future financial performance[121]. - The company is subject to significant operating and financial restrictions due to its debt instruments, which limit its ability to incur additional indebtedness, pay dividends, and engage in certain transactions[119]. Segment Performance - Sales in the Sealing Systems segment decreased to $1,420,034 in 2024 from $1,444,497 in 2023, while Fluid Handling Systems sales increased to $1,264,953 from $1,236,837[213]. - Total adjusted EBITDA for reportable segments reached $204,210 in 2024, a rise from $189,027 in 2023, representing a $15,183 increase[216]. - Sealing Systems segment adjusted EBITDA for 2024 was $126,524, compared to $114,245 in 2023, reflecting a change of $12,279[216]. - Fluid Handling Systems segment adjusted EBITDA for 2024 was $77,686, up from $74,782 in 2023, indicating an increase of $2,904[217].

Financial Data and Key Metrics Changes - In Q4 2024, sales totaled $660.8 million, a decrease of 1.9% compared to Q4 2023, impacted by weaker production volume and unfavorable foreign exchange [18] - Adjusted EBITDA for Q4 2024 was $54.3 million, or 8.2% of sales, an increase of 96.8% compared to Q4 2023, with a margin improvement of over 410 basis points [19] - For the full year 2024, sales totaled $2.7 billion, a decrease of 3% versus 2023, primarily due to unfavorable volume and mix, divestitures, and foreign exchange [20] Business Line Data and Key Metrics Changes - The company achieved $76 million in cost savings from efficiency improvements and $24 million from restructuring actions in 2024, leading to a 52% improvement in operating income despite lower production volumes [13][22] - Adjusted EBITDA for the full year 2024 was $180.7 million, an increase from $167.1 million in 2023, driven by operational efficiencies and restructuring savings [21] Market Data and Key Metrics Changes - The company noted that unfavorable volume and mix reduced sales by $32 million in 2024, with foreign exchange impacting sales by $21 million [27] - The divestiture of the technical rubber business in Europe reduced year-over-year sales by $33 million [27] Company Strategy and Development Direction - The company is focused on operational excellence and driving value for shareholders, with a streamlined product-based organization structure enhancing efficiency [14][15] - Innovations such as the Fluids Manifold and FlexiCore Thermoplastic Body Seal technology are expected to provide competitive advantages and increase content per vehicle, particularly in hybrid and electric vehicles [36][38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, expecting increased profitability and margin expansion despite flat or slightly lower sales due to weak production volumes [48] - The company anticipates further cost savings through improved operational efficiencies and lean initiatives, aiming for double-digit EBITDA margins by the end of 2025 [50] Other Important Information - The company ended 2024 with a strong free cash flow of $63.2 million in Q4 and total liquidity of nearly $340 million [30] - The company plans to monitor credit markets for potential refinancing opportunities to improve capital structure [31] Q&A Session Summary Question: Content per vehicle in fluid handling and sealing - Management indicated that fluid business content is expected to rise as hybrid and electric vehicles become more prevalent, with sealing systems also having growth opportunities [61][63] Question: Impact of product mix on gross margin - Management confirmed that the shift in product mix is positively impacting margins, with new programs contributing to margin increases [68][70] Question: Tariff exposure and production locations - Management acknowledged awareness of tariff discussions and emphasized proactive communication with customers to manage potential impacts [75][76] Question: Price dynamics in the industry - Management noted that while there is still competitive pressure, customers are willing to pay for innovation that delivers value [85][88] Question: Cash interest payments and PIK options - Management confirmed that cash interest payments were made instead of PIK options, reflecting improved financial performance [99][100] Question: FX headwinds and mitigation strategies - Management expects a $20 million tailwind from FX in 2025, with strategies in place to manage currency exposures [108] Question: Business mix shift towards Chinese domestic auto companies - Management reported a significant shift towards Chinese domestic OEMs, projecting a 65/35 split by 2026 [130][132] Question: CapEx guidance and future expectations - Management indicated that CapEx as a percentage of sales is expected to remain below 2% for the foreseeable future [121][122]

Creating Sustainable Solutions TOGETHER Strategic Overview and Outlook Jeff Edwards Q & A 2 Fourth Quarter and Full Year 2024 Earnings Presentation February 14, 2025 Agenda Introduction Roger Hendriksen | Director, Investor Relations 2024 Year in Review Jeff Edwards | Chairman and Chief Executive Officer Financial Overview Jon Banas | Executive VP and Chief Financial Officer Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of U.S. federal securities laws, ...

Financial Performance - Sales for Q4 2024 totaled $660.8 million, a decrease of 1.9% compared to Q4 2023[6] - Operating income for Q4 2024 was $31.7 million, an increase of $36.2 million from Q4 2023[6] - Net income for Q4 2024 was $40.2 million, or $2.24 per diluted share, reflecting an improvement of $95.4 million from Q4 2023[6] - Adjusted EBITDA for Q4 2024 was $54.3 million, representing 8.2% of sales[6] - For the full year 2024, sales totaled $2.73 billion, a decrease of 3.0% compared to 2023[6] - Gross profit increased to $82.0 million in Q4 2024, up 26.7% from $64.7 million in Q4 2023[30] - Operating income for the year ended December 31, 2024, was $69.8 million, compared to $46.0 million in 2023, reflecting a significant improvement[30] - Net income attributable to Cooper-Standard was $40.2 million in Q4 2024, a recovery from a loss of $55.2 million in Q4 2023[30] - Adjusted EBITDA for 2024 was $180,689, compared to $167,076 in 2023, reflecting a year-over-year increase of approximately 8.9%[40] - The adjusted EBITDA margin improved to 6.6% in 2024 from 5.9% in 2023, indicating enhanced operational efficiency[40] Cash Flow and Liquidity - Cash provided by operating activities in Q4 2024 was $74.7 million, with free cash flow of $63.2 million[11] - Total liquidity at year-end 2024 was $339.2 million, including cash and cash equivalents of $170.0 million[13] - The company generated net cash provided by operating activities of $76,369 in 2024, compared to $117,277 in 2023, showing a decline of approximately 34.9%[35] - Cash and cash equivalents increased to $170.0 million in 2024 from $154.8 million in 2023, indicating improved cash flow management[32] - The company ended 2024 with cash, cash equivalents, and restricted cash totaling $178,697, up from $163,061 at the end of 2023[35] - Net cash used in investing activities was $45,120 in 2024, a decrease from $64,968 in 2023, reflecting improved cash management[35] Business Awards and Future Guidance - The company received total net new business awards of $181.4 million in 2024, including $105.8 million related to electric vehicle platforms[15] - The company expects improved financial results in 2025, with initial guidance for sales between $2.7 billion and $2.8 billion[19] - Adjusted EBITDA guidance for 2025 is projected to be between $200 million and $235 million[19] Assets and Liabilities - Total current assets decreased to $805.3 million in 2024 from $900.6 million in 2023, indicating a reduction in liquidity[32] - Total liabilities decreased to $1.87 billion in 2024 from $1.96 billion in 2023, showing a reduction in financial obligations[32] - The company’s total equity showed a deficit of $133.4 million in 2024, worsening from a deficit of $89.7 million in 2023[32] Earnings and Charges - The company reported a basic income per share of $2.28 in Q4 2024, compared to a loss of $3.16 per share in Q4 2023[30] - The company experienced restructuring charges of $23.6 million for the year ended December 31, 2024, compared to $18.0 million in 2023[30] - The company incurred pension settlement and curtailment charges of $44,553 in 2024, compared to $16,035 in 2023, indicating a significant increase[35] - Restructuring charges for the year ended December 31, 2024, totaled $23.601 million, compared to $18.018 million in 2023[43] - Non-cash impairment charges in 2024 were related to idle assets in Asia Pacific, while 2023 charges were related to assets in Europe and Asia Pacific[43] - The deferred tax valuation allowance reversal in 2024 was $41.507 million, with no such reversal in 2023[43] Capital Expenditures - Capital expenditures decreased to $50,498 in 2024 from $80,743 in 2023, a reduction of about 37.4%[35] - Capital expenditures for Q4 2024 were $11.484 million, down from $17.559 million in Q4 2023[45]

Core Viewpoint - Cooper-Standard Holdings Inc. reported improved financial results for the fourth quarter and full year 2024, despite challenges such as lower production and foreign exchange headwinds. The company anticipates continued operational efficiencies and margin enhancements in 2025 [2][4][6]. Financial Performance - **Fourth Quarter 2024 Results**: - Sales were $660.8 million, a decrease of 1.9% compared to Q4 2023 [3][9]. - Net income was $40.2 million, or $2.24 per diluted share, reflecting an improvement of $95.4 million year-over-year [3][9]. - Adjusted EBITDA totaled $54.3 million, representing 8.2% of sales, an increase from the previous year [3][9]. - **Full Year 2024 Results**: - Total sales reached $2.73 billion, down 3.0% from 2023 [3][9]. - The net loss was $78.7 million, or $(4.48) per diluted share, an improvement of $123.2 million compared to 2023 [3][9]. - Adjusted EBITDA for the year was $180.7 million, or 6.6% of sales, an increase of $13.6 million from 2023 [3][9]. Cash Flow and Liquidity - **Fourth Quarter Cash Flow**: - Net cash provided by operating activities was $74.7 million, with free cash flow of $63.2 million, an increase of $1.1 million from Q4 2023 [7][9]. - **Full Year Cash Flow**: - Cash provided by operating activities was $76.4 million, while free cash flow was $25.9 million, down from $117.3 million and $36.5 million in 2023, respectively [8][9]. Business Outlook - The company expects global light vehicle production to decline in 2025 compared to 2024, with ongoing inflationary pressures. However, management anticipates improved financial results in 2025 due to continued operational efficiencies [16][17]. - Initial guidance for 2025 includes projected sales of $2.7 to $2.8 billion and adjusted EBITDA of $200 to $235 million [16][17]. New Business Awards - In 2024, Cooper Standard secured new business awards totaling $181.4 million in anticipated future annualized sales, including $105.8 million related to electric vehicle platforms [12].

Financial Results Announcement - Cooper-Standard Holdings Inc. is set to release its financial results for the fourth quarter and full year 2024 on February 13, 2025, after market close [1] - The earnings results will be available on the Cooper Standard website once released [1] Conference Call Details - A conference call will be hosted on February 14, 2025, at 9 a.m. ET, featuring Chairman and CEO Jeffrey Edwards and CFO Jonathan Banas [2] - The call will cover financial results, a general business update, and a Q&A session for investors [2] - Participants can join the call via a toll-free number for the U.S. and Canada or an international number [3] Webcast and Replay - A replay of the conference call will be available shortly after the live event on the investors' section of the Cooper Standard website [4] Company Overview - Cooper Standard is headquartered in Northville, Michigan, and operates in 21 countries as a leading global supplier of sealing and fluid handling systems [5] - The company employs over 22,000 team members, focusing on innovative and sustainable engineered solutions for various transportation and industrial markets [5]

CALGARY, Alberta, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Canadian Premium Sand Inc. (“CPS” or the “Company”) (TSXV: CPS) is pleased to announce that it has successfully applied for and received a US$75 million tax credit allocation to re-purpose a former glass manufacturing site in southern US to produce pattern solar glass (the “US Project”). The Company is also pleased to announce an addition to its board of directors. Tax Credit Allocation To support the development of the US Project, after receiving a lette ...

Financial Performance and Strategic Developments - The company concluded its warrant exercise and reported its fiscal year-end 2024 financial results, with audited financial statements and Management's Discussion and Analysis available under its SEDAR+ profile [1] - In 2024, the company invested $0.52 million to advance its Selkirk Project and discussions with a potential strategic partner for the US Project, aiming to produce approximately 10GW per year of pattern solar glass [2] - The company's large shareholders, board members, and management exercised 9,206,404 warrants at $0.40 per warrant, generating $3,682,562 in gross cash proceeds, which will support the advancement of its solar glass manufacturing projects [5] - Of the 32,100,000 warrants issued in 2022, 14,811,496 were exercised, and the remaining 17,288,504 expired on December 31, 2024 [6] Manufacturing Capacity and Strategic Vision - The company is developing North American manufacturing capacity for ultra-high-clarity pattern solar glass, utilizing high-purity low-iron silica sand from its Wanipigow quarry leases [3] - The Selkirk Project will produce 6GW of low-carbon solar glass using renewable Manitoba hydroelectricity, while the US Project will produce 4GW of domestic solar glass, positioning the company as the largest and preferred supplier in North America [3] - The company has established a broader strategic vision to supply both low-carbon products from the Selkirk Project and US-manufactured products from the US Project [2] Financial Support and Partnerships - The company received financial support totaling $272 million from the Province of Manitoba and the Government of Canada for the Selkirk Project, including a $100 million non-dilutive financial support application currently in the due diligence phase [8] - Discussions were held with Manitoba-based indigenous groups for potential investment participation of up to $100 million in the Selkirk Project through the federal Indigenous Loan Guarantee Program [8] - The company is working towards formalizing $72 million in financial support from the Province of Manitoba for the Selkirk Project [8] - A site in the US was selected to repurpose a former glass manufacturing facility for the US Project, with a potential strategic partner, and a wholly owned US subsidiary was established to apply for a tax credit with the U.S. Department of Energy [8] Market Positioning and Customer Engagement - The company is advancing conversations with customers related to the supply of pattern solar glass from both the Selkirk and US Projects [8] - With a proposed annual manufacturing capacity of 10GW, the company is well-positioned to become the largest and preferred supplier of pattern solar glass in North America [3]

NORTHVILLE, Mich., Dec. 17, 2024 /PRNewswire/ -- The Society of Automotive Analysts (SAA) recently awarded its Innovations in Lightweighting Award to Cooper Standard (NYSE: CPS) for its revolutionary FlexiCore™ Thermoplastic Body Seal. This award recognizes suppliers serving North American and global automotive OEMs with innovative products or technologies that provide either direct or indirect mass savings. The SAA honored the Cooper Standard team during the SAA's Material Innovations Summit held Dec. 6 in ...