Cooper-Standard Holdings Inc. has reported record results for the first quarter 2017.
During the first quarter of 2017, the company generated strong net income of $41.7 million, or $2.20 per diluted share, and adjusted EBITDA of $111 million on sales of $902.1 million. These results compare to net income of $31.3 million, or $1.67 per diluted share, and adjusted EBITDA of $103.5 million on sales of $862.5 million in the first quarter of 2016. Prior period amounts have been recast due to the adoption of a new accounting standard (ASU 2016-09).
“Our team delivered excellent results for the first quarter and put us on track to deliver another record year in 2017,” said Jeffrey Edwards, chairman and CEO of Cooper Standard. “In addition, our continued focus on innovation and delivering game-changing technology is contributing to new customer orders and booked business.”
The company’s first quarter net income, excluding restructuring and other special items (“adjusted net income”), totaled $55.9 million, or $2.95 per diluted share. Adjusted net income in the prior year period was $48.2 million, or $2.57 per diluted share. The company’s adjusted EBITDA margin for the first three months of 2017 increased 30 basis points to 12.3 percent compared to 12 percent in the first three months of 2016.
First quarter 2017 sales increased by $39.6 million or 4.6 percent compared to the first quarter of 2016. The company said this year-over-year variance was largely attributable to favorable volume and mix and the net impact of acquisitions and divestitures, partially offset by price reductions and the impact of foreign currency exchange rates. Excluding the impact of foreign currency exchange rates, acquisitions and divestitures, sales in the first quarter were $894.1 million, an increase of 3.7 percent over the first quarter 2016.
First quarter adjusted EBITDA increased by $7.4 million or 7.2 percent compared to the first quarter of 2016. Adjusted EBITDA margin as a percent of sales was 12.3 percent in the quarter, up 30 basis points compared to the first quarter of 2016. The year-over-year variance was primarily attributable to improvements in operating efficiency and favorable volume and mix, partially offset by price reductions, higher raw material costs and investments to support growth.