Cooper Standard(CPS) - 2024 Q4 - Annual Results

Financial Performance - Sales for Q4 2024 totaled $660.8 million, a decrease of 1.9$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$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$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$11.484 million, down from $17.559 million in Q4 2023[45]