Cooper-Standard Holdings Inc (NYSE:CPS)
$ 13.38 0.34 (2.61%) Market Cap: 231.73 Mil Enterprise Value: 1.34 Bil PE Ratio: 0 PB Ratio: 0 GF Score: 66/100
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Q1 2024 Cooper-Standard Holdings Inc Earnings Call Transcript

May 07, 2024 / 01:00PM GMT
Release Date Price: $14.94 (-9.84%)

Key Points

Positve
  • Cooper-Standard Holdings Inc reported a significant improvement in gross profit margin, up by 300 basis points compared to the same quarter last year.
  • The company achieved $19 million in savings through lean initiatives and other cost-saving programs.
  • Cooper-Standard Holdings Inc was awarded $66 million in net new business during the first quarter.
  • The company received the prestigious supplier of the year award from General Motors for the seventh consecutive year.
  • Cooper-Standard Holdings Inc successfully extended its ABL through May of 2029, ensuring financial flexibility for future operations.
Negative
  • Net sales slightly decreased by 0.9% year-over-year, primarily due to the divestiture of the technical rubber business in Europe and a smaller divestiture in Asia.
  • The company reported a US GAAP net loss of $31.7 million for the quarter.
  • Ongoing inflation headwinds in areas such as energy and labor costs continue to impact the company.
  • Unfavorable foreign exchange rates, particularly with the Mexican peso and Polish zloty, negatively affected financial results.
  • The company used approximately $14 million in operating activities due to seasonal changes in working capital and timing of compensation-related payments.
Operator

Good morning, ladies and gentlemen, and welcome to the Cooper-Standard First Quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded and the webcast will be available on the Cooper-Standard website for replay later today.

I would now like to turn the call over to Roger Hendriksen, Director of Investor Relations. Please go ahead.

Roger Hendriksen
Cooper-Standard Holdings Inc - Director, Investor Relations

Thanks, Chloe, and good morning, everyone. We appreciate you taking the time to join our call today. Members of our leadership team, who will be speaking with you on the call this morning are Jeff Edwards, Chairman and Chief Executive Officer, and Jon Banas, Executive Vice President and Chief Financial Officer.

Before we begin, I need to remind you that this presentation contains forward-looking statements. And while they are made based on current factual information and certain assumptions and plans that management currently believes to be reasonable. These statements do involve

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