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Cooper Standard Swings to Quarterly Loss
Cooper-Standard Holdings Inc., parent of supplier Cooper Standard Automotive, posted a $10 million net loss in the fourth quarter of last year compared with a $23 million profit in the same period of 2011.
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Cooper-Standard Holdings Inc., parent of supplier Cooper Standard Automotive, posted a $10 million net loss in the fourth quarter of last year compared with a $23 million profit in the same period of 2011.
Revenue was virtually flat at $697 million.
The company says its October-December income was hurt by restructuring charges and asset writedowns for its South American and European units.
For the full year, Cooper Standard netted $103 million, unchanged from 2011. Nearly half of its 2012 net income came from a one-time tax benefit. Revenue edged up 1% to $2.9 billion.
The company expects to boost revenue 1%-2% in 2013.
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