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Cooper-Standard’s Sales, Profits Slip in Fourth Quarter
Cooper-Standard Holdings Inc., parent of Cooper Standard Automotive, says revenue dipped 3% to $768 million in the fourth quarter of 2014, hurt by unfavorable exchange rates.
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Cooper-Standard Holdings Inc., parent of Cooper Standard Automotive, says revenue dipped 3% to $768 million in the fourth quarter of 2014, hurt by unfavorable exchange rates.
Operating profits for the Novi, Mich.-based supplier of sealing, fluid transfer and anti-vibration products dropped to $7 million from $15 million in October-December 2013. The company's net loss for the quarter narrowed to $13 million from $21 million.
Full-year revenue rose 3% to $3.2 billion, buoyed by higher vehicle production volumes in major markets. Operating profit jumped 16% to $165 million, but net income fell to $43 million from $48 million in 2013.
Cooper Standard expects its consolidated sales this year will grow 3%-6%.
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