Cooper-Standard Holdings Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 03, 2023 at 04:30 pm EDT
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Cooper-Standard Holdings Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 723.74 million compared to USD 605.92 million a year ago. Net loss was USD 27.83 million compared to USD 33.25 million a year ago. Basic loss per share from continuing operations was USD 1.61 compared to USD 1.93 a year ago. Diluted loss per share from continuing operations was USD 1.61 compared to USD 1.93 a year ago.
For the six months, sales was USD 1,406.2 million compared to USD 1,218.9 million a year ago. Net loss was USD 158.2 million compared to USD 94.61 million a year ago. Basic loss per share from continuing operations was USD 9.15 compared to USD 5.51 a year ago. Diluted loss per share from continuing operations was USD 9.15 compared to USD 5.51 a year ago.
Cooper-Standard Holdings Inc. is a manufacturer of sealing and fluid handling systems (consisting of fuel and brake delivery and fluid transfer systems). Its products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (OEMs) and replacement markets. It operates through four segments: North America, Europe, Asia Pacific, and South America. The Companyâs product lines include sealing systems and fluid handling systems (consisting of fuel and brake delivery and fluid transfer systems). The Company's brands include FlushSeal, Gen III Posi-Lock, Easy-Lock, MagAlloy, Ergo-Lock +, PlastiCool and Fortrex. FlushSeal is an advanced integrated solution for frame under glass static sealing systems. Its Easy-Lock is a small package coolant and fuel vapor quick connect. Its MagAlloy is a processing technology for brake lines that increases long term durability through superior corrosion resistance.