Cooper-Standard Holdings Inc · Q1 2023 earnings

Briefing

Reported an increase in year-over-year sales growth and gross profit improvement.

Cooper Standard's first quarter 2023 results showed an 11.3% increase in sales compared to Q1 2022, totaling $682.5 million. Gross profit increased by 94.2% to $41.8 million. The company reported a net loss of $130.4 million, which included an $81.9 million loss on refinancing and extinguishment of debt. Adjusted EBITDA totaled $12.5 million, with an adjusted EBITDA margin improvement of approximately 180 basis points compared to the first quarter of 2022.

• Sales totaled $682.5 million, an 11.3% increase compared to Q1 2022.
• Gross profit was $41.8 million, a 94.2% increase compared to Q1 2022.
• Net loss was $130.4 million, including an $81.9 million loss on refinancing and extinguishment of debt.
• Adjusted EBITDA totaled $12.5 million, with adjusted EBITDA margin improving by about 180 basis points vs. Q1 2022.

Headline financials

Revenue & EPS history

Industry projections suggest continued modest growth in global light vehicle production for the rest of the year. The Company expects to successfully conclude commercial negotiations to drive further inflation recovery and positive, sustainable price adjustments, which would boost top line growth and margin expansion in the final three quarters of the year. Company management anticipates providing an update to full-year guidance in conjunction with the release of second quarter results.