NOVI, Mich. -- Cooper-Standard has announced financial results for the second quarter ended June 30. The company also provided an updated outlook for 2011.

"Cooper Standard delivered solid performance in the second quarter, including 21 percent sales growth and another quarter of double-digit EBITDA margins despite elevated raw material costs," said Jim McElya, chairman and CEO. "Our recent joint venture and acquisition transactions have further strengthened our global footprint and are enabling us to be even more competitive on global platforms across all of our businesses. We are capitalizing on the major trends shaping the global automotive manufacturing marketplace: global platforms, expansion of the BRIC markets, and tougher emissions and fuel economy standards."

The company reported revenue of $760.5 million for the second quarter of 2011, compared with $628.4 million in the second quarter of 2010, reflecting increased sales resulting from its recently established joint venture with Fonds de Modernisation des Equipementiers Automobiles (FMEA), higher industry volumes and favorable foreign currency exchange movement.

Revenue for the six months ended June 30 was $1.45 billion, compared to $1.22 billion in the same period of 2010, reflecting an increase in volumes, the FMEA transaction, favorable foreign exchange and benefits of launch activity.

Cooper Standard reported net income of $19 million in the second quarter of 2011. This includes a $36 million restructuring charge related to the closing of a French joint venture facility. Net income reported for the prior year's comparable periods included accounting adjustments related to the company's reorganization and therefore does not offer a reasonable basis for comparison, the company says.

Net income for the six months was $64 million. Cooper Standard said net income for both the quarter and year-to-date periods was favorably impacted by higher volumes and mix, partially offset by higher raw material costs, additions to engineering and customer support staff, and launch costs.

Gross profit for the quarter increased to $123.7 million, or 16.3 percent of sales, from $106.2 million, or 16.9 percent of sales, in the second quarter of 2010. For the six-month period, gross profit was $244.5 million, or 16.9 percent of sales, compared to $210.7 million, or 17.2 percent of sales, in last year's comparable period. The percentage-of-sales decline reflects lower margins at acquired businesses and increased raw material prices.

Cooper Standard also reported second quarter 2011 adjusted EBITDA of $90.3 million, or 11.9 percent of sales, compared with $73.8 million, or 11.7 percent of sales, in the second quarter of 2010. Adjusted EBITDA for the six month period was $182.2 million, compared to $147.6 million for the six months ended June 30, 2010.

Reflecting the effects of the company's acquisitions and updated industry volume and foreign exchange projections, Cooper Standard raised its 2011 sales expectations to a range of $2.8 billion to $2.9 billion. The company said it expects its 2011 capital expenditures to be slightly higher than originally projected, between $105 million and $115 million. Restructuring expenses for 2011 are expected to increase to between $50 million and $60 million, the majority of which will be related to, and funded by, the company's French joint venture. Cooper Standard continues to expect cash taxes to be in the range of $25 to $30 million. The company's current 2011 industry volume assumptions are for North American production of 13.1 million units and European production of 20 million units.