Cooper Standard Automotive's parent company, Cooper-Standard Holdings Inc., has announced its third-quarter financial statements and reiterated its full-year sales target.
Third-quarter sales were $708.5 million, a year-on-year increase of 21%, and sales during the same period last year were $585.7 million. In the first three quarters of this year, sales totaled 2.16 billion U.S. dollars, an increase from the same period last year (1.81 billion U.S. dollars). The increase in sales was mainly due to the increase in product sales and favorable currency flow.
Third-quarter net income was $15.7 million, down from the same period last year ($20.8 million). The decline in net profit was mainly due to the impact of exchange rate fluctuations, rising raw material prices, operating costs, and restructuring costs. Third-quarter gross profit was US$108.6 million (15.3% of sales), adjusted EBITDA was US$73.4 million, and gross profit was US$102.1 million in the same period last year (17.4% of sales) The adjusted profit before interest, tax, depreciation and amortization was US$67.2 million.
As for the full year of this year, Cooper's standard remained unchanged from its previous forecast, and its annual sales are expected to reach 2.8 billion to 2.9 billion US dollars.
Third-quarter sales were $708.5 million, a year-on-year increase of 21%, and sales during the same period last year were $585.7 million. In the first three quarters of this year, sales totaled 2.16 billion U.S. dollars, an increase from the same period last year (1.81 billion U.S. dollars). The increase in sales was mainly due to the increase in product sales and favorable currency flow.
Third-quarter net income was $15.7 million, down from the same period last year ($20.8 million). The decline in net profit was mainly due to the impact of exchange rate fluctuations, rising raw material prices, operating costs, and restructuring costs. Third-quarter gross profit was US$108.6 million (15.3% of sales), adjusted EBITDA was US$73.4 million, and gross profit was US$102.1 million in the same period last year (17.4% of sales) The adjusted profit before interest, tax, depreciation and amortization was US$67.2 million.
As for the full year of this year, Cooper's standard remained unchanged from its previous forecast, and its annual sales are expected to reach 2.8 billion to 2.9 billion US dollars.
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