Cooper-Standard Holdings Inc. has reported record results for the fourth quarter and full year 2016.
For the fourth quarter, net income totaled $31.1 million or $1.65 per fully diluted share. Adjusted net income for the fourth quarter totaled $48.1 million or $2.56 per fully diluted share. Adjusted EBITDA totaled $103.8 million, up 13.7 percent year-over-year.
Full Year 2016 Highlights
For the full year, net income totaled $139 million or $7.42 per fully diluted share. Adjusted net income totaled $194.9 million or $10.41 per fully diluted share. Adjusted EBITDA totaled $416.7 million, up 15.0 percent year-over-year
“2016 was the best year in our company’s history by nearly every measure,” said Jeffrey Edwards, chairman and CEO of Cooper Standard. “We set new all-time highs in sales, gross profit margin, Adjusted EBITDA and free cash flow while improving workplace safety, product quality and customer satisfaction. We are very proud of our culture of engagement that is driving innovation and excellence across all areas of the business and significantly contributing to our record results.”
During the fourth quarter 2016, Cooper Standard generated net income of $31.1 million, or $1.65 per diluted share, and Adjusted EBITDA of $103.8 million on sales of $875.4 million. These results compare to 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 in the fourth quarter of 2015. The company’s Adjusted EBITDA margin for the fourth quarter 2016 was 11.9 percent compared to 10.7 percent in the fourth quarter 2015.
Fourth quarter 2016 net income excluding restructuring and other special items (“adjusted net income”), totaled $48.1 million, or $2.56 per diluted share, compared to $56.2 million, or $3.01 per diluted share in the fourth quarter 2015. The year-over-year change is due largely to a one-time adjustment (benefit) to income tax expense recorded in the fourth quarter 2015.
For the full year 2016, the company reported net income of $139 million, or $7.42 per diluted share, and Adjusted EBITDA of $416.7 million on sales of $3.47 billion. By comparison, 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 in 2015. The company’s Adjusted EBITDA margin for 2016 was 12 percent compared to 10.8 percent in 2015.