NOVI, Mich. -- Cooper-Standard Holdings has announced its financial results for the fourth quarter and year ended Dec. 31, 2010.

Cooper Standard reported revenue of $603.7 million for the fourth quarter of 2010 and $2.4 billion for the full year, representing growth of 4.5 percent and 24.1 percent, respectively, over the comparable prior year periods. Strong growth in emerging markets contributed to the increase in revenue.

The company reported net income of $14.8 million in the fourth quarter of 2010, compared to $37.4 million in the fourth quarter of 2009. The reduction in net income in the quarter is primarily due to higher raw material expenses and reduced tax benefits. The company said it improved from a net loss of $356.1 million in 2009 to net income of $676.9 million in 2010, primarily resulting from accounting adjustments in 2009 and reorganization-related items in 2010.

Gross profit for the quarter ended Dec. 31, 2010, increased to $96.8 million from $91.1 million in the fourth quarter of 2009. Gross profit in the fourth quarter of 2010 represented 16 percent of sales, compared to 15.8 percent of sales in the fourth quarter of 2009. On a full year 2010 basis, the company's revenue growth, lean initiatives and stronger performance from its Asia Pacific operations offset higher raw material costs and generated gross profit of $409.6 million, representing 17 percent of sales, compared to $266.3 million in 2009, or 13.7 percent of sales.

Chairman and CEO Jim McElya commented, "By any measure, 2010 was a successful year for Cooper Standard during which we achieved solid financial performance while positioning the company strategically for continued growth. In particular, we began reaping significant benefits from our investments in Asia and South America, we developed exciting new products that will capitalize on green trends, we successfully completed a reorganization that puts the company in a strong and flexible position financially, as well as strategically, and we stayed true to our commitments to exceptional quality and operational excellence.

McElya continued, "Looking forward, we expect to continue to grow through global platform and emerging market wins. As the industry continues to consolidate, we are well positioned to build on our global presence and extend our leadership in our product categories. Cooper Standard's team is united and focused on building on our 2010 accomplishments with a strong year in 2011."

In the fourth quarter, Cooper Standard launched new programs representing $183 million of annualized sales, accounting for 43 percent of its full year launches.

2011 Outlook
For 2011, assuming North American production volume of 12.9 million units and European production volume of 18.6 million units, the company said it expects to generate sales of between $2.5 billion and $2.6 billion. Cooper Standard expects to make capital expenditures of between $90 million and $100 million as it continues expanding its emerging market presence to support customer growth and new business opportunities. The company expects to incur cash restructuring expenses of between $10 million and $20 million and cash taxes in the range of $25 million to $30 million.