Improved Operating Income and Positive Cash Flow Highlight Cooper Standard's Fourth Quarter and Full Year 2024 Results

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].