Cooper-Standard Automotive Inc. - CPS STOCK NEWS

Cooper-Standard Holdings Inc. (NYSE: CPS) reported its Q2 2024 results, showing improved financial performance despite challenging market conditions. Gross profit increased 6.7% to $82.9 million compared to Q2 2023. While the company reported a net loss of $76.2 million, the adjusted net loss improved by 43.5% to $11.3 million. Adjusted EBITDA rose 6.2% to $50.9 million, representing 7.2% of sales.

The company implemented a cost optimization initiative expected to generate $20 million in savings in H2 2024 and $45 million annually by 2025. Net new business awards totaled $60.6 million, with significant wins in hybrid and electric vehicle platforms. Cooper Standard updated its 2024 guidance, projecting sales of $2.7-$2.8 billion and adjusted EBITDA of $180-$200 million.

Cooper Standard (NYSE: CPS) is set to participate in the J.P. Morgan 2024 Auto Conference in New York City on August 8, 2024. The company's chairman and CEO, Jeffrey Edwards, will deliver a presentation at 11:45 a.m. ET, discussing Cooper Standard's business strategies.

The presentation will be accessible to the public via live webcast. Interested parties can find the webcast link and presentation materials on Cooper Standard's investor relations website at https://ir.cooperstandard.com/events prior to the event. This conference provides an opportunity for investors and analysts to gain insights into Cooper Standard's plans and outlook in the automotive industry.

Cooper-Standard Holdings Inc. (NYSE: CPS) has announced its plans to release second quarter 2024 financial results on Thursday, August 1, 2024, after market close. The company will host a conference call on Friday, August 2 at 9 a.m. ET to discuss the results and provide a general business update. Chairman and CEO Jeffrey Edwards and CFO Jonathan Banas will lead the call and answer investor questions. Interested parties can access the call via webcast or phone, with a toll-free number provided for U.S. and Canadian callers. A replay of the webcast will be available on the company's investor relations website shortly after the event.

Cooper Standard (NYSE: CPS) has introduced the eCoFlow™ Switch Pump, a groundbreaking product designed to simplify thermal management systems in electric and hybrid vehicles. This innovative device combines the features of an electric water pump and an electrically driven valve into a single integrated coolant control module.

Key benefits include:

• Efficiency improvements
• Part consolidation
• Reduced electrical wire harness
• Smaller packaging space
• Enhanced system efficiency
• Potential reduction in battery cell needs

The eCoFlow system eliminates pressure drops and waste, provides smoother flow transitions, and reduces system noise. It operates with a single electrical connection, packaging in about half the space of traditional components.

On June 18, 2024, Cooper Standard's Aguascalientes, Mexico mixing facility received the Quality Excellence Award at the 2024 Seraph Operational Excellence Awards. The award recognizes top-performing automotive manufacturing facilities in North America. Cooper Standard was one of five companies honored. The selection process involved an online assessment and a one-day onsite evaluation. This facility was praised for its advanced manufacturing and quality testing processes, including its proprietary LoMOS system and QCLab. This marks the second consecutive recognition for the Aguascalientes facility, which also won a 2023 IndustryWeek Best Plants Award.

Cooper Standard (NYSE: CPS) has announced the appointment of Shannon B. Quinn as president of its Industrial and Specialty Group (ISG) effective June 11, 2024. Quinn, replacing Ramsey Changoo, will focus on advancing the company's diversification strategy to boost growth and enhance the value of its products in industrial and specialty markets. She brings extensive experience in business development, strategy, and engineering, having held senior roles at Bridgestone, Adient, Johnson Controls, and Visteon. Quinn holds a B.Sc. in industrial engineering and an MBA. She is actively involved in industry and community boards.

Cooper Standard (NYSE: CPS) has been named to USA TODAY's America's Best Climate Leaders 2024 list, announced on May 30. This recognition, presented by USA TODAY and Statista Inc., honors companies committed to improving energy efficiency, reducing emissions, and minimizing environmental impact. Chairman and CEO Jeffrey Edwards stated the company's dedication to sustainability and innovation. To qualify, companies must meet criteria including U.S. headquarters, $50 million revenue in 2022, independent emission reporting, and a minimum CDP score of C. Cooper Standard's 2023 Corporate Responsibility Report emphasizes its efforts in reducing environmental impact while promoting business growth.

Cooper Standard (NYSE: CPS) has released its 2023 Corporate Responsibility Report, "Commitment to Excellence," detailing its latest ESG (environmental, social, and governance) initiatives.

The company has set new sustainability goals for 2024, focusing on business ethics, climate change, diversity, employee engagement, energy efficiency, innovation, and sustainable product lifecycle management. The report emphasizes Cooper Standard's commitment to long-term value creation and maintaining double-digit adjusted EBITDA margins and returns on invested capital.

CEO Jeffrey Edwards highlighted the importance of these efforts in attracting talent and developing cost-effective solutions. The report also includes insights from the company's materiality assessments, identifying seven key priorities essential for sustainability and stakeholder engagement.

Cooper Standard Holdings Inc. reported strong results for the first quarter of 2024, with significant margin improvement. Gross profit increased by 47.4%, operating income rose by $17.9 million, and net loss improved by $98.7 million compared to the same period in 2023. The company's adjusted EBITDA also saw a notable increase. With a new product-based management structure in place, Cooper Standard aims to drive further operational enhancements and value creation throughout the year. The company is optimistic about achieving additional margin expansion beyond its initial full-year guidance, contingent on industry production levels.