Cooper-Standard Holdings Inc., parent company of Cooper Standard Automotive, reported net income of $36.5 million, or $1.98 per diluted share for the second quarter of 2015. This compares to net income of $13.2 million or 72 cents per diluted share in the second quarter of 2014.
“Our second quarter results represent another solid step toward achieving our 2015 objectives,” said Jeffrey Edwards, chairman and CEO of Cooper Standard. “In terms of adjusted EBITDA margin, it was our best quarter in more than three years. We are particularly pleased with the continued strong performance in our North American operations, the margin improvements we are making within our European operations and our profitable growth in Asia. In addition, our increased focus on cash generation is driving positive change that is enhancing our ability to improve shareholder value going forward.”
Net income of $36.5 million for the second quarter of 2015 included after-tax amounts of a $2.6 million gain related to the acquisition of Huayu-Cooper Standard Sealing Systems Co. (Shenya) and $7 million in restructuring expense. Net income of $13.2 million in the second quarter of 2014 included after tax amounts of $18.8 million of loss on extinguishment of debt and $3.7 million in restructuring expense. Excluding these items, adjusted net income for the second quarter of 2015 was $40.9 million or $2.22 per diluted share, up 14.4 percent when compared to adjusted net income of $35.7 million or $1.94 per diluted share in the second quarter of 2014.
For the first six months of 2015, the company reported net income of $57.5 million, or $3.14 per diluted share. By comparison, the company reported net income of $32.9 million, or $1.82 per diluted share in the first six months of 2014.
Second quarter 2015 sales increased by $3.2 million or 0.4 percent compared to the second quarter of 2014. The company said this year-over-year variance is largely attributable to favorable volume and mix and additional revenue from the Shenya acquisition, partially offset by an $85.3 million impact from unfavorable foreign currency exchange rates. Excluding the impact from foreign currency exchange rates, sales in the second quarter 2015 were $946.1 million, an increase of 10.3 percent over the second quarter of 2014.