Welcome to our dedicated page for Cooper-Standard Holdings news (Ticker: CPS), a resource for investors and traders seeking the latest updates and insights on Cooper-Standard Holdings stock.
Cooper-Standard Holdings Inc. reports recurring developments tied to its role as a global automotive supplier of sealing systems and fluid handling systems for original equipment manufacturers and related transportation and industrial markets. Company updates commonly cover operating results, margin and cash-flow trends, customer production conditions, and new business awards across internal combustion, hybrid and battery electric vehicle platforms.
News also includes product and materials-science developments, such as fluid connectors and sensor-integrated components, as well as environmental performance recognition and capital-structure actions involving Cooper-Standard Automotive Inc. and related debt securities.
Cooper-Standard Holdings Inc. (NYSE:CPS) will release its fourth quarter and full year 2020 financial results on February 17, post-market close. A conference call is scheduled for February 18 at 9 a.m. ET, featuring CEO Jeffrey Edwards and CFO Jonathan Banas. The call will include financial results discussion and a general business update, followed by a Q&A session. Investors can join the call via phone or listen to a live webcast on the company's Investor Relations website. For more details, please visit Cooper Standard's website.
Cooper Standard (NYSE:CPS) announced key leadership changes effective March 1, 2021, aimed at optimizing its operations and supporting its diversification strategy. Christopher E. Couch will lead the Applied Materials Science (AMS) business while retaining his role in global technology and product development. D. William Pumphrey will oversee the Industrial and Specialty Group (ISG) in addition to his current responsibilities. Chairman and CEO Jeffrey S. Edwards affirmed that these changes align with improving return on invested capital (ROIC) while focusing on profitable growth across diverse markets.
Cooper Standard Holdings reported third-quarter 2020 sales of $683.2 million, a decline from $739.5 million in the previous year. The company achieved a net income of $4.4 million or $0.26 per diluted share, compared to a net loss of $4.9 million in Q3 2019. Adjusted EBITDA increased by 19% year-over-year to $64.1 million. Operations restructuring resulted in net new business awards of $70 million and innovation products contract awards totaling $69 million. The company closed unprofitable operations, and its cash balance stands at $462.7 million.