Financial Data and Key Metrics Changes - Second quarter 2024 sales were $708.4 million, a slight decrease of 2.1% compared to the second quarter of 2023, primarily due to the divestiture of the Technical Rubber business and unfavorable foreign exchange [9][10] - Gross profit for the second quarter was $82.9 million, or 11.7% of sales, compared to $77.7 million, or 10.7% of sales in the second quarter of 2023, reflecting a 100 basis points improvement in gross profit margin [10][11] - Adjusted EBITDA in the quarter was $50.9 million, up from $47.9 million in the second quarter of last year, driven by lean savings and favorable volume and mix [10][11] - Net loss for the second quarter was $76.2 million, compared to a net loss of $27.8 million in the second quarter of 2023, impacted by a non-cash charge related to the pension plan termination [11][12] Business Line Data and Key Metrics Changes - The company achieved $16 million in savings through lean initiatives and cost-saving programs during the second quarter [6] - The company was awarded $61 million in net new business awards in the second quarter, indicating strong demand for its products [6][7] Market Data and Key Metrics Changes - Global automotive production declined by 0.5%, while the company’s net sales, excluding divestitures and foreign exchange impacts, increased by approximately 1% [9][10] - The company continues to see strong opportunities in the EV segment, particularly with its Frameless Sealing Systems, which are expected to grow at a 30% CAGR over the next five years [21][24] Company Strategy and Development Direction - The company is focused on operational excellence, cost optimization, and sustainability, with a commitment to reducing energy consumption and developing sustainable products [6][7] - A new product line-based organization structure has been implemented to optimize costs and improve financial strength, with expected salary cost reductions of $20 million to $25 million in 2024 [18][19] - The company aims to achieve double-digit EBITDA margins and return on invested capital by the end of 2025, despite projected slow growth in global light vehicle production [19][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from macroeconomic factors, including inflation, unfavorable foreign exchange, and reduced light vehicle production estimates [26][27] - Despite these challenges, management remains confident in the company’s operational performance and cost reduction initiatives, expecting improved profitability and cash flow in the second half of 2024 [27][28] Other Important Information - Cash used in operating activities was approximately $12 million in the second quarter, with a total liquidity of approximately $267 million as of June 30, 2024 [15][16] - The company plans to make cash interest payments on its notes in December 2024, which will impact its free cash flow outlook for the year [17][40] Q&A Session Summary Question: Have the restructuring actions been completed? - Most restructuring actions are in the final stages and are expected to yield significant savings in the second half of the year [29] Question: Is the current margin performance a trend towards double-digit rates? - The company is on track to achieve double-digit EBITDA margins and return on invested capital next year [30] Question: What is the expected cash flow for the year? - The company now expects slightly negative free cash flow due to cash interest payments, but operational performance remains strong [31][32] Question: What are the risks associated with current guidance? - Management is confident in their control over pricing and cost reductions, but acknowledges potential production cuts by manufacturers [44][45] Question: Any updates on the deployment of Fortrex? - The company continues to see positive results from Fortrex and anticipates it will contribute more significantly to the bottom line in the future [46]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-Q ___________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________. Commission File Number: 001-36127 ___________________________ ...

Cooper Standard Second Quarter Gross Profit Ramps Higher; Further Margin Expansion Expected in Second Half of the Year NORTHVILLE, Mich., August 1, 2024 -- Cooper-Standard Holdings Inc. (NYSE: CPS) today reported results for the second quarter 2024. Second Quarter 2024 Summary • Gross profit totaled $82.9 million, an increase of 6.7% compared to second quarter 2023 • Net loss of $76.2 million, or $(4.34) per diluted share, was negatively impacted by a one-time non-cash pension settlement charge and restruct ...

NORTHVILLE, Mich., Aug. 1, 2024 /PRNewswire/ -- Cooper-Standard Holdings Inc. (NYSE: CPS) today reported results for the second quarter 2024. Second Quarter 2024 Summary Gross profit totaled $82.9 million, an increase of 6.7% compared to second quarter 2023 Net loss of $76.2 million, or $(4.34) per diluted share, was negatively impacted by a one-time non-cash pension settlement charge and restructuring expense Adjusted net loss of $11.3 million, or $(0.64) per diluted share, improved by 43.5% vs. the second ...

One of my favorite investments, Cooper-Standard Holdings (NYSE:CPS), is set to report Q2 earnings on Thursday, August 1st. Given the buzz in the auto industry after this past week, I thought that a detailed Q2 earnings preview would be valuable for passionate CPS investors. My initial coverage of CPS was published on March 26th, 2024, when I rated it a strong buy at $15.61. Since then, CPS has declined 10.76% to its current price of $13.92. I have meaningfully increased my stake at these bargain prices rang ...

About Cooper Standard NORTHVILLE, Mich., July 26, 2024 /PRNewswire/ -- Cooper Standard (NYSE: CPS) will participate in the J.P. Morgan 2024 Auto Conference in New York City on Thursday, Aug. 8. Cooper Standard, headquartered in Northville, Mich., with locations in 21 countries, is a leading global supplier of sealing and fluid handling systems and components. Utilizing our materials science and manufacturing expertise, we create innovative and sustainable engineered solutions for diverse transportation and ...

NORTHVILLE, Mich., July 18, 2024 /PRNewswire/ -- Cooper-Standard Holdings Inc. (NYSE: CPS) expects to release its financial results for the second quarter 2024 on Thursday, August 1 after market close. The Company's earnings results will be posted to the Cooper Standard website (https://ir.cooperstandard.com/) once released. Investors and other interested parties may listen to the call by accessing the online, real-time webcast at https://ir.cooperstandard.com/events. A replay of the webcast will be availab ...

NORTHVILLE, Mich., July 16, 2024 /PRNewswire/ -- As the automotive industry continues to shift to an electrified future, innovation is more important than ever to support automakers seeking to simplify thermal management systems while enhancing vehicle efficiency and range. To help conquer these challenges and pave the way for an efficient, electrified future, Cooper Standard (NYSE: CPS) recently debuted the first member of its new eCoFlow™ product line. The eCoFlow Switch Pump, created in partnership with ...

NORTHVILLE, Mich., June 18, 2024 /PRNewswire/ -- Recognizing its world-class culture and agility to support the evolving automotive and industrial markets, Cooper Standard's (NYSE: CPS) Aguascalientes, Mexico mixing facility was awarded a Quality Excellence Award during the 2024 Seraph Operational Excellence Awards ceremony. About Cooper Standard The Seraph Operational Excellence Awards recognize automotive manufacturing facilities in North America that demonstrate outstanding performance and innovation acr ...

NORTHVILLE, Mich., June 11, 2024 /PRNewswire/ -- Cooper Standard (NYSE: CPS) today announced the appointment of Shannon B. Quinn to president of the Industrial and Specialty Group (ISG). In this position, Quinn will work to progress the Company's diversification strategy to accelerate growth and maximize the value of Cooper Standard's products and technologies in industrial and specialty markets. She replaces Ramsey Changoo who is departing the Company to pursue other career opportunities. Cooper Standard A ...