Sales, profits up at Cooper-Standard

ERJ staff report (DS)

Novi, Michigan -- Cooper-Standard Holdings Inc., the parent company of Cooper Standard Automotivehas reportted higher sales and profits for the three months ended June 30, 2011. The Company also provided an updated outlook for 2011.

The Company reported revenue of $760.5 million for the second quarter of 2011, compared with $628.4 million in the second quarter of 2010, reflecting increased sales resulting from its recently established joint venture with Fonds de Modernisation des Equipementiers Automobiles (FMEA), higher industry volumes, and favorable foreign currency exchange movement.

Cooper Standard also reported second quarter 2011 adjusted EBITDA of $90.3 million, or 11.9 percent of sales, compared with $73.8 million, or 11.7 percent of sales, in the second quarter of 2010. Adjusted EBITDA for the six month period was $182.2 million, compared to $147.6 million for the six months ended June 30, 2010.

Reflecting the effects of the Company's acquisitions and updated industry volume and foreign exchange projections, Cooper Standard raised its 2011 sales expectations to a range of $2.8 billion to $2.9 billion. The Company expects its 2011 capital expenditures to be slightly higher than originally projected, between $105 million and $115 million. Restructuring expenses for 2011 are expected to increase to between $50 million and $60 million, the majority of which will be related to, and funded by, the Company's French joint venture.

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Press release from Cooper-Standard