Cooper-Standard Holdings Inc. has reported record results for the fourth quarter and full year 2015.
During the fourth quarter 2015, the company generated a net income of $21.7 million, or $1.16 per diluted share and adjusted EBITDA of $91.3 million on sales of $854.4 million. These results compare to a net loss of $12.8 million or $0.79 per diluted share and adjusted EBITDA of $72.2 million on sales of $767.9 million in the fourth quarter of 2014. The company’s adjusted EBITDA margin for the fourth quarter 2015 was 10.7 percent, compared to 9.4 percent in the fourth quarter 2014.
“This marks the fifth consecutive quarter in which we were able to deliver significant year-over-year margin improvement,” said Jeffrey Edwards, chairman and CEO of Cooper Standard. “We are very proud of our global team and their engagement around our world-class operating initiatives to serve our customers and drive record results in 2015. Although the bar has been raised significantly, we expect to further improve margins and cash flow in 2016.”
Fourth quarter 2015 net income, excluding restructuring and other special item, totaled $56.2 million, or $3.01 per diluted share. Adjusted net income in the prior year period was $15.3 million, or $0.88 per diluted share.
Fourth quarter 2015 sales increased by $86.5 million or 11.3 percent, compared to the fourth quarter of 2014. The year-over-year increase is largely attributable to favorable volume and mix, and additional revenue from the acquisition of Huayu-Cooper Standard Sealing Systems Co. (“Shenya”), partially offset by a $61.1 million impact from unfavorable foreign currency exchange rates. Excluding the impact from foreign currency exchange rates, sales in the fourth quarter of 2015 were $915.5 million, an increase of 19.2 percent over the fourth quarter of 2014.
Full-Year 2015 Financial Results
For the full year 2015, the company reported net income of $111.9 million, or $6.08 per diluted share, and adjusted EBITDA of $362.4 million on sales of $3.34 billion. By comparison, the company reported net income of $42.8 million, or $2.39 per diluted share, and adjusted EBITDA of $311.5 million on sales of $3.24 billion in 2014. The company’s adjusted EBITDA margin for 2015 was 10.8 percent compared to 9.6 percent in 2014. Excluding the negative impact of foreign currency exchange rates of $34.8 million, adjusted EBITDA in 2015 was $397.2 million.
Adjusted net income for 2015 was $168.7 million, or $9.16 per diluted share. This compares to adjusted net income of $86.0 million or $4.81 per diluted share in 2014.
