NOVI, Mich. – Cooper-Standard Holdings Inc., the parent company of Cooper Standard Automotive, has reported net income of $21 million, or $1.15 per diluted share, and adjusted EBITDA of $80.8 million for the first quarter of 2015. These results compare to net income of $19.7 million or $1.10 per diluted share, and adjusted EBITDA of $80.6 million in the first quarter of 2014.
“We are very pleased with the improvement in our adjusted EBITDA margins for the quarter,” said Jeffrey Edwards, chairman and CEO of Cooper Standard. “Our operating teams have worked very hard to meet the double-digit target that we established for the year and we are on track through the first three months. We believe the results are indicative of the traction we are gaining in the execution phase of our turnaround plan, which is accelerating our drive for profitable growth.”
Net income of $21 million for the first quarter of 2015 included a gain of $11.6 million related to the acquisition of majority ownership in Huayu-Cooper Standard Sealing Systems Co. Ltd. (Shenya) and $18.8 million in restructuring expense. Excluding these items, income for the quarter was $28.2 million or $1.55 per diluted share, up 24 percent and 22 percent, respectively, over the first quarter of 2014.
First quarter 2015 sales were $800.1 million compared to sales of $837.6 million in the first quarter of 2014. The company said this year-over-year variance is largely attributable to a $77 million impact from unfavorable foreign currency exchange rates in addition to price adjustments, partially offset by improved product volume and mix, and additional revenue from the Shenya acquisition. Excluding the impact from foreign currency exchange rates, total sales in the first quarter 2015 were $877.1 million, an increase of 4.7 percent over the first quarter of 2014.
