Cooper Standard(US:CPS) Prnewswireยท2024-10-31 20:30Core Viewpoint - Cooper-Standard Holdings Inc. reported a net loss of $11.1 million for Q3 2024, driven by lower production volumes and unfavorable foreign exchange, despite achieving $24.5 million in cost savings from lean operations and cost initiatives [1][3][12]. Financial Performance - Sales for Q3 2024 were $685.4 million, down from $736.0 million in Q3 2023, primarily due to the timing of commercial settlements and lower production volumes [2][4]. - Adjusted net loss for Q3 2024 was $12.0 million, compared to an adjusted net income of $15.0 million in Q3 2023 [3][30]. - Adjusted EBITDA for Q3 2024 was $46.1 million, a decrease from $79.1 million in Q3 2023, reflecting the impact of lower sales and unfavorable foreign exchange [4][28]. Cost Management and Operational Efficiency - The company realized $24.5 million in savings from lean operations and cost initiatives, which helped mitigate the impact of lower production volumes and unfavorable foreign exchange [1][3]. - Restructuring charges amounted to $1.5 million in Q3 2024, down from $2.0 million in Q3 2023, indicating ongoing efforts to streamline operations [3][30]. New Business Awards - Cooper-Standard secured net new business awards totaling $44.0 million in anticipated future annualized sales during Q3 2024, with significant contributions from battery electric vehicle platforms [6][12]. Cash and Liquidity - As of September 30, 2024, the company had cash and cash equivalents of $107.7 million, with total liquidity of $280.8 million [10][11]. - The company believes it has sufficient financial resources to support ongoing operations and strategic initiatives [11]. Industry Outlook - The company anticipates continued headwinds from inflation and unfavorable foreign exchange, but expects that savings from lean cost structure initiatives will improve profit margins and cash flow in Q4 2024 and into 2025 [12][13].