NOVI, Mich. -- Cooper-Standard Holdings Inc., the parent company of Cooper Standard Automotive, has announced financial results for the first quarter ended March 31.

"Operationally and strategically, Cooper Standard executed well in the first quarter," said Jim McElya, chairman and CEO, Cooper Standard. "As a result, we delivered strong performance despite climbing material costs; announced significant strategic transactions; and further strengthened Cooper Standard's ability to win a higher share of global platform awards."

Cooper Standard reported revenue of $688.8 million for the first quarter of 2011, compared with $596.3 million in first quarter 2010 revenue, reflecting higher industry volumes, favorable mix, the benefits of the company's strong global launch activity, as well as $7.2 million of net favorable foreign currency exchange.

The company reported net income of $44.9 million in the first quarter of 2011, compared to net income of $3.4 million in the same period last year. Excluding the effects of a $23.3 million reorganization-related charge in the 2010 quarter and a one-time gain of $11.4 million this quarter, the increase in net income is primarily due to higher volumes and mix, offset by higher raw material costs, additions to engineering and customer support staff, and launch costs.  

Gross profit for the quarter increased to $120.8 million from $104.5 million in the first quarter of 2010.  Gross profit as a percentage of sales was 17.5 percent, same as prior year quarter.
 
Cooper Standard also reported adjusted EBITDA of $91.9 million, or 13.3 percent of sales, compared with $74.2 million, or 12.4 percent of sales, in the first quarter of 2010.