Cooper Standard(US:CPS)2024-11-01 16:13Financial Performance - Sales for the three months ended September 30, 2024 were $685.4 million, compared to $736.0 million for the same period in 2023[13] - Gross profit for the three months ended September 30, 2024 was $76.3 million, with a margin of 11.1%, compared to $106.5 million and a margin of 14.5% for the same period in 2023[13] - Adjusted EBITDA for the three months ended September 30, 2024 was $46.1 million, with a margin of 6.7%, compared to $79.1 million and a margin of 10.7% for the same period in 2023[13] - Net loss for the three months ended September 30, 2024 was $11.1 million, or $(0.63) per share, compared to a net income of $11.4 million, or $0.65 per share for the same period in 2023[13] - Capital expenditures for the three months ended September 30, 2024 were $10.9 million, or 1.6% of sales, compared to $16.4 million, or 2.2% of sales for the same period in 2023[13] - The company achieved $64 million in cost savings year-to-date in 2024, including $50 million from manufacturing/purchasing lean initiatives and $14 million from restructuring actions[26] Strategic Initiatives and Outlook - The company expects $20 - $25 million in cost savings in 2024 from restructuring actions, with full annualized cost savings of $40 - $45 million expected in 2025[26] - The company's full year 2024 updated guidance includes sales of $2.70 - $2.75 billion and adjusted EBITDA of $180 - $195 million[28] - Capital expenditures for full year 2024 are projected to be $45 - $50 million[28]