Cooper-Standard Automotive Posts Third Quarter Results - aftermarketNews

Cooper-Standard Automotive Posts Third Quarter Results

The company also announced a record $309.7 million of expected net new business, a 52 percent increase versus prior year to date net new business.

NOVI, Mich. — Cooper-Standard Holdings has reported for the third quarter of 2008, net sales for the quarter were $599.7 million. This compared to $602.6 million for the same quarter of 2007, as lower auto sales volumes in North America more than offset increased sales from Brazil and Europe, acquisitions and favorable exchange rates.

Gross profit for the third quarter was $62.5 million, or 10.4 percent of sales, as compared to $83.5 million, or 13.9 percent of sales, for the same period of the prior year. The reduction of gross profit relates primarily to lower North American vehicle volume, unfavorable mix and rising material costs, with some offset provided by acquisitions and the impact of various cost-saving initiatives.

The company reported a $32.6 million net loss for the third quarter compared to a net loss of $12.8 million for the same period of 2007, due primarily to lower North American light vehicle production, restructuring charges and vehicle mix changes related to shifts in consumer demand.

The company also announced a record $309.7 million of expected net new business, a 52 percent increase versus prior year to date net new business.

For the first nine months of the year, consolidated sales increased by $318.5 million to $2.1 billion compared to the same period of 2007, the 17.7 percent increase was due largely to the impact of the acquisitions and favorable foreign exchange rates.

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