Cooper Standard Reports Third Quarter Results; Continuing Lean Initiatives Delivering Cost Savings as Planned
Cooper Standard (NYSE: CPS) reported third quarter 2024 results with sales of $685.4 million, down from $736.0 million in Q3 2023. The company posted a net loss of $11.1 million ($0.63 per diluted share) compared to net income of $11.4 million in Q3 2023. Adjusted EBITDA was $46.1 million (6.7% of sales), down from $79.1 million last year. The company achieved $24.5 million in savings from lean operations and cost initiatives. Net new business awards totaled $44.0 million, including $32.3 million for electric vehicle platforms. The company updated its 2024 guidance, lowering sales expectations to $2.70-$2.75 billion and adjusted EBITDA to $180-$195 million.
Cooper Standard (NYSE: CPS) ha riportato i risultati del terzo trimestre 2024 con vendite di 685,4 milioni di dollari, in calo rispetto ai 736,0 milioni di dollari nel terzo trimestre 2023. L'azienda ha registrato una perdita netta di 11,1 milioni di dollari (0,63 dollari per azione diluita) rispetto a un utile netto di 11,4 milioni di dollari nel terzo trimestre 2023. EBITDA rettificato è stato di 46,1 milioni di dollari (6,7% delle vendite), in calo rispetto ai 79,1 milioni di dollari dell'anno precedente. L'azienda ha ottenuto 24,5 milioni di dollari di risparmi da operazioni snellite e iniziative di costo. I nuovi contratti di business hanno totalizzato 44,0 milioni di dollari, di cui 32,3 milioni di dollari per piattaforme di veicoli elettrici. L'azienda ha aggiornato le previsioni per il 2024, abbassando le aspettative di vendita a 2,70-2,75 miliardi di dollari e l'EBITDA rettificato a 180-195 milioni di dollari.
Cooper Standard (NYSE: CPS) reportó los resultados del tercer trimestre de 2024 con ventas de 685,4 millones de dólares, una disminución desde los 736,0 millones de dólares en el tercer trimestre de 2023. La compañía registró una pérdida neta de 11,1 millones de dólares (0,63 dólares por acción diluida) en comparación con un ingreso neto de 11,4 millones de dólares en el tercer trimestre de 2023. EBITDA ajustado fue de 46,1 millones de dólares (6,7% de las ventas), en comparación con 79,1 millones de dólares el año pasado. La compañía logró ahorros de 24,5 millones de dólares a través de operaciones más eficientes e iniciativas de costos. Los nuevos contratos comerciales alcanzaron un total de 44,0 millones de dólares, incluyendo 32,3 millones de dólares para plataformas de vehículos eléctricos. La empresa actualizó su guía para 2024, reduciendo las expectativas de ventas a 2,70-2,75 mil millones de dólares y el EBITDA ajustado a 180-195 millones de dólares.
쿠퍼 스탠다드 (NYSE: CPS)는 2024년 3분기 실적을 발표했습니다. 매출은 6억 8540만 달러로, 2023년 3분기의 7억 3600만 달러에서 감소했습니다. 회사는 1110만 달러(희석 주당 0.63달러)의 순손실을 기록했으며, 이는 2023년 3분기의 1140만 달러의 순이익과 비교됩니다. 조정된 EBITDA는 4610만 달러(매출의 6.7%)로, 작년의 7910만 달러에서 감소했습니다. 회사는 Lean 운영과 비용 이니셔티브를 통해 2450만 달러의 절감을 달성했습니다. 신규 비즈니스 수주 총액은 4400만 달러로, 이 중 3230만 달러는 전기차 플랫폼을 위한 것입니다. 회사는 2024년 가이드를 업데이트하여 매출 예상치를 27억~27억 5000만 달러로 낮추고 조정된 EBITDA를 1억 8000만~1억 9500만 달러로 수정했습니다.
Cooper Standard (NYSE: CPS) a annoncé les résultats du troisième trimestre 2024 avec des ventes de 685,4 millions de dollars, en baisse par rapport à 736,0 millions de dollars au troisième trimestre 2023. La société a enregistré une perte nette de 11,1 millions de dollars (0,63 dollar par action diluée) par rapport à un bénéfice net de 11,4 millions de dollars au troisième trimestre 2023. EBITDA ajusté s'élevait à 46,1 millions de dollars (6,7 % des ventes), en baisse par rapport à 79,1 millions de dollars l'année précédente. L'entreprise a réalisé des économies de 24,5 millions de dollars grâce à des opérations allégées et à des initiatives de réduction des coûts. Les nouvelles commandes commerciales ont totalisé 44,0 millions de dollars, dont 32,3 millions de dollars pour des plateformes de véhicules électriques. L'entreprise a mis à jour ses prévisions pour 2024, abaissant ses attentes en matière de ventes à 2,70 à 2,75 milliards de dollars et l'EBITDA ajusté à 180 à 195 millions de dollars.
Cooper Standard (NYSE: CPS) hat die Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz von 685,4 Millionen Dollar, was einem Rückgang von 736,0 Millionen Dollar im dritten Quartal 2023 entspricht. Das Unternehmen verzeichnete einen Nettoverlust von 11,1 Millionen Dollar (0,63 Dollar pro verwässerter Aktie) im Vergleich zu einem Nettogewinn von 11,4 Millionen Dollar im dritten Quartal 2023. Bereinigtes EBITDA betrug 46,1 Millionen Dollar (6,7% des Umsatzes), ein Rückgang gegenüber 79,1 Millionen Dollar im Vorjahr. Das Unternehmen erzielte 24,5 Millionen Dollar an Einsparungen durch schlanke Betriebsabläufe und Kosteninitiativen. Die neu gewonnenen Geschäftszusagen beliefen sich auf insgesamt 44,0 Millionen Dollar, darunter 32,3 Millionen Dollar für Plattformen von Elektrofahrzeugen. Das Unternehmen hat seine Prognosen für 2024 aktualisiert und die Umsatzprognosen auf 2,70-2,75 Milliarden Dollar sowie das bereinigte EBITDA auf 180-195 Millionen Dollar gesenkt.
- Cost savings of $24.5 million achieved from lean operations initiatives
- New business awards of $44.0 million, with $32.3 million from EV platforms
- Strong liquidity position of $280.8 million at quarter end
- Net loss of $11.1 million compared to net income of $11.4 million in Q3 2023
- Sales declined 6.9% to $685.4 million from $736.0 million year-over-year
- Adjusted EBITDA decreased to $46.1 million from $79.1 million in Q3 2023
- Lowered 2024 sales guidance to $2.70-$2.75 billion from $2.8-$2.9 billion
Insights
The Q3 results reveal significant operational challenges for Cooper Standard, with a
While lean initiatives delivered
The bright spot is new business awards of
Third Quarter 2024 Summary
- Savings of
realized from lean operations and cost initiatives$24.5 million - Net loss of
, or$11.1 million per diluted share$(0.63) - Adjusted net loss of
, or$12.0 million per diluted share$(0.68) - Adjusted EBITDA of
, or$46.1 million 6.7% of sales - Net new business awards totaled
$44.0 million
"Our intense focus on lean initiatives and operating efficiency is driving cost savings as planned," said Jeffrey Edwards, chairman and CEO, Cooper Standard. "This is helping to offset the headwinds from lower production volume and unfavorable foreign exchange that have persisted during the first nine months of the year. We are pleased that continued operational excellence has enabled us to keep our full year outlook for profit and cash flow essentially in line with our original expectations, despite the weaker market conditions."
Consolidated Results
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(dollar amounts in millions except per share amounts) | |||||||
Sales | $ 685.4 | $ 736.0 | $ 2,070.1 | $ 2,142.2 | |||
Net (loss) income | $ (11.1) | $ 11.4 | $ (119.0) | $ (146.8) | |||
Adjusted net (loss) income | $ (12.0) | $ 15.0 | $ (53.9) | $ (51.2) | |||
(Loss) income per diluted share | $ (0.63) | $ 0.65 | $ (6.78) | $ (8.47) | |||
Adjusted (loss) income per diluted share | $ (0.68) | $ 0.85 | $ (3.07) | $ (2.95) | |||
Adjusted EBITDA | $ 46.1 | $ 79.1 | $ 126.4 | $ 139.5 |
The year-over-year change in third quarter sales was primarily attributable to the timing of commercial settlements that occurred in the third quarter of 2023, including approximately
Net loss for the third quarter 2024 was
Adjusted EBITDA for the third quarter of 2024 was
Adjusted net (loss) income, adjusted EBITDA and adjusted (loss) income per diluted share are non-GAAP measures. Reconciliations to the most directly comparable financial measures, calculated and presented in accordance with accounting principles generally accepted in the
New Business Awards
The Company continues to leverage its world-class engineering and manufacturing capabilities, its innovation programs and its reputation for quality and service to win new business awards with its OEM customers and capitalize on positive trends associated with hybrid and battery electric vehicles. During the third quarter of 2024, the Company received net new business awards totaling
Segment Results of Operations
Sales
Three Months Ended September 30, | Variance Due To: | |||||||||||
2024 | 2023 | Change | Volume/Mix* | Foreign Exchange | Divestitures | |||||||
(dollar amounts in thousands) | ||||||||||||
Sales to external customers | ||||||||||||
Sealing systems | $ 353,365 | $ 370,958 | $ (17,593) | $ (15,279) | $ (2,314) | $ — | ||||||
Fluid handling systems | 313,739 | 341,817 | (28,078) | (26,795) | (1,283) | — | ||||||
Total for reportable segments | $ 667,104 | $ 712,775 | $ (45,671) | $ (42,074) | $ (3,597) | $ — | ||||||
Corporate, eliminations and other | 18,249 | 23,263 | (5,014) | 62 | — | (5,076) | ||||||
Consolidated | $ 685,353 | $ 736,038 | $ (50,685) | $ (42,012) | $ (3,597) | $ (5,076) |
* Net of customer price adjustments, including recoveries.
Adjusted EBITDA
Three Months Ended September 30, | Variance Due To: | |||||||||||
2024 | 2023 | Change | Volume/Mix* | Foreign Exchange | Cost Decreases/ | |||||||
(dollar amounts in thousands) | ||||||||||||
Segment adjusted EBITDA | ||||||||||||
Sealing systems | $ 29,904 | $ 39,620 | $ (9,716) | $ (16,863) | $ (6,578) | $ 13,725 | ||||||
Fluid handling systems | 23,089 | 41,292 | (18,203) | (25,670) | (2,746) | 10,213 | ||||||
Total for reportable segments | $ 52,993 | $ 80,912 | $ (27,919) | $ (42,533) | $ (9,324) | $ 23,938 | ||||||
Corporate, eliminations and other | (6,848) | (1,809) | (5,039) | 92 | (1,687) | (3,444) | ||||||
Consolidated | $ 46,145 | $ 79,103 | $ (32,958) | $ (42,441) | $ (11,011) | $ 20,494 |
* Net of customer price adjustments, including recoveries. |
Additional detail on our quarterly segment variance analyses is available in our periodic filings with the Securities and Exchange Commission.
Cash and Liquidity
As of September 30, 2024, Cooper Standard had cash and cash equivalents totaling
Based on current expectations for light vehicle production and customer demand for our products, the Company believes it has sufficient financial resources to support ongoing operations and the execution of planned strategic initiatives for the foreseeable future. These financial resources include current cash on hand, continuing access to flexible credit facilities, and expected future positive cash generation.
Outlook
Industry projections for full-year global light vehicle production in 2024 have been softening since the beginning of the year and are now slightly lower than levels realized in 2023. While the Company expects to continue leveraging new program launches and enhanced commercial agreements to drive growth, inflation and unfavorable foreign exchange are expected to continue as headwinds. Despite this continued slow growth environment, the Company expects the savings from implemented aggressive lean cost structure initiatives will help drive improvements in profit margins and cash flow in the fourth quarter of 2024 and continuing into 2025.
Reflecting these market dynamics, the Company has updated its full-year 2024 guidance as follows:
Initial 2024 Guidance1 | Current 2024 Guidance1 | |
Sales | ||
Adjusted EBITDA2 | ||
Capital Expenditures | ||
Cash Restructuring | ||
Net Cash Interest | ||
Net Cash Taxes | ||
Key Light Vehicle Productions Assumptions (Units) | ||
| 15.8 million | 15.5 million |
| 17.4 million | 17.1 million |
| 28.9 million | 29.3 million |
| 3.0 million | 2.9 million |
1 Guidance is representative of management's estimates and expectations as of the date it is published. Initial guidance was first presented in our earnings press release published on February 15, 2024. Current guidance as presented in this press release considers October 2024 S&P Global (IHS Markit) production forecasts for relevant light vehicle platforms and models, customers' planned production schedules and other internal assumptions. |
2 Adjusted EBITDA is a non-GAAP financial measure. The Company has not provided a reconciliation of projected adjusted EBITDA to projected net income (loss) because full-year net income (loss) will include special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end. Due to this uncertainty, the Company cannot reconcile projected adjusted EBITDA to |
Conference Call Details
Cooper Standard management will host a conference call and webcast on November 1, 2024 at 9 a.m. ET to discuss its third quarter 2024 results, provide a general business update and respond to investor questions. Investors and other interested parties may listen to the call by accessing the online, real-time webcast at https://ir.cooperstandard.com/events.
To participate by phone, callers in
A replay of the webcast will be available on the investors' portion of the Cooper Standard website (https://ir.cooperstandard.com) shortly after the live event.
About Cooper Standard
Cooper Standard, headquartered in
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of
You should not place undue reliance on these forward-looking statements. Our forward-looking statements speak only as of the date of this press release and we undertake no obligation to publicly update or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except where we are expressly required to do so by law.
This press release also contains estimates and other information that is based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.
Contact for Analysts: | Contact for Media: |
Roger Hendriksen | Chris Andrews |
Cooper Standard | Cooper Standard |
(248) 596-6465 | (248) 596-6217 |
Financial statements and related notes follow:
COOPER-STANDARD HOLDINGS INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(Unaudited) | |||||||
(Dollar amounts in thousands except per share and share amounts) | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Sales | $ 685,353 | $ 736,038 | $ 2,070,140 | $ 2,142,236 | |||
Cost of products sold | 609,041 | 629,504 | 1,849,245 | 1,916,160 | |||
Gross profit | 76,312 | 106,534 | 220,895 | 226,076 | |||
Selling, administration & engineering expenses | 49,698 | 49,834 | 157,472 | 156,528 | |||
Loss on sale of businesses, net | — | 334 | — | 334 | |||
Amortization of intangibles | 1,628 | 1,662 | 4,894 | 5,141 | |||
Restructuring charges | 1,516 | 2,046 | 20,430 | 12,924 | |||
Impairment charges | — | — | — | 654 | |||
Operating income | 23,470 | 52,658 | 38,099 | 50,495 | |||
Interest expense, net of interest income | (29,125) | (33,803) | (87,041) | (98,057) | |||
Equity in earnings of affiliates | 1,258 | 682 | 4,830 | 1,140 | |||
Loss on refinancing and extinguishment of debt | — | — | — | (81,885) | |||
Pension settlement credit (charge) | 2,216 | — | (44,571) | — | |||
Other expense, net | (5,851) | (3,816) | (14,629) | (10,381) | |||
(Loss) income before income taxes | (8,032) | 15,721 | (103,312) | (138,688) | |||
Income tax expense | 2,861 | 4,338 | 15,072 | 9,461 | |||
Net (loss) income | (10,893) | 11,383 | (118,384) | (148,149) | |||
Net (income) loss attributable to noncontrolling interests | (164) | (20) | (576) | 1,316 | |||
Net (loss) income attributable to Cooper-Standard Holdings Inc. | $ (11,057) | $ 11,363 | $ (118,960) | $ (146,833) | |||
Weighted average shares outstanding: | |||||||
Basic | 17,612,001 | 17,427,082 | 17,546,292 | 17,331,199 | |||
Diluted | 17,612,001 | 17,560,221 | 17,546,292 | 17,331,199 | |||
(Loss) income per share: | |||||||
Basic | $ (0.63) | $ 0.65 | $ (6.78) | $ (8.47) | |||
Diluted | $ (0.63) | $ 0.65 | $ (6.78) | $ (8.47) |
COOPER-STANDARD HOLDINGS INC. | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(Dollar amounts in thousands except share amounts) | |||
September 30, 2024 | December 31, 2023 | ||
(unaudited) | |||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 107,734 | $ 154,801 | |
Accounts receivable, net | 386,225 | 380,562 | |
Tooling receivable, net | 72,712 | 80,225 | |
Inventories | 177,245 | 146,846 | |
Prepaid expenses | 33,253 | 28,328 | |
Value added tax receivable | 54,753 | 69,684 | |
Other current assets | 40,114 | 40,140 | |
Total current assets | 872,036 | 900,586 | |
Property, plant and equipment, net | 565,380 | 608,431 | |
Operating lease right-of-use assets, net | 90,244 | 91,126 | |
Goodwill | 140,727 | 140,814 | |
Intangible assets, net | 35,758 | 40,568 | |
Other assets | 93,393 | 90,774 | |
Total assets | $ 1,797,538 | $ 1,872,299 | |
Liabilities and Equity | |||
Current liabilities: | |||
Debt payable within one year | $ 49,167 | $ 50,712 | |
Accounts payable | 332,233 | 334,578 | |
Payroll liabilities | 111,453 | 132,422 | |
Accrued liabilities | 135,904 | 116,954 | |
Current operating lease liabilities | 19,433 | 18,577 | |
Total current liabilities | 648,190 | 653,243 | |
Long-term debt | 1,058,004 | 1,044,736 | |
Pension benefits | 100,882 | 100,578 | |
Postretirement benefits other than pensions | 28,147 | 28,940 | |
Long-term operating lease liabilities | 74,437 | 76,482 | |
Other liabilities | 50,928 | 58,053 | |
Total liabilities | 1,960,588 | 1,962,032 | |
Equity: | |||
Common stock, | 17 | 17 | |
Additional paid-in capital | 515,927 | 512,164 | |
Retained deficit | (510,776) | (391,816) | |
Accumulated other comprehensive loss | (160,272) | (201,665) | |
Total Cooper-Standard Holdings Inc. equity | (155,104) | (81,300) | |
Noncontrolling interests | (7,946) | (8,433) | |
Total equity | (163,050) | (89,733) | |
Total liabilities and equity | $ 1,797,538 | $ 1,872,299 |
COOPER-STANDARD HOLDINGS INC. | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(Unaudited) | |||
(Dollar amounts in thousands) | |||
Nine Months Ended September 30, | |||
2024 | 2023 | ||
Operating activities: | |||
Net loss | $ (118,384) | $ (148,149) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation | 73,358 | 77,876 | |
Amortization of intangibles | 4,894 | 5,141 | |
Loss on sale of businesses, net | — | 334 | |
Impairment charges | — | 654 | |
Pension settlement charge | 44,571 | — | |
Share-based compensation expense | 7,057 | 4,071 | |
Equity in (earnings) losses of affiliates, net of dividends related to earnings | (1,199) | 1,159 | |
Loss on refinancing and extinguishment of debt | — | 81,885 | |
Payment-in-kind interest | 12,367 | 44,019 | |
Deferred income taxes | 1,889 | (586) | |
Other | 4,036 | 3,606 | |
Changes in operating assets and liabilities | (26,942) | (32,394) | |
Net cash provided by operating activities | 1,647 | 37,616 | |
Investing activities: | |||
Capital expenditures | (39,014) | (63,184) | |
Proceeds from sale of businesses, net of cash divested | — | 15,351 | |
Other | 287 | 358 | |
Net cash used in investing activities | (38,727) | (47,475) | |
Financing activities: | |||
Proceeds from issuance of long-term debt, net of debt issuance costs | — | 924,299 | |
Repayment and refinancing of long-term debt | — | (927,046) | |
Principal payments on long-term debt | (1,901) | (1,613) | |
Borrowings on revolving credit facility, net | — | 120,000 | |
Decrease in short-term debt, net | (2,356) | (1,241) | |
Debt issuance costs and other fees | (1,921) | (74,376) | |
Taxes withheld and paid on employees' share-based payment awards | (612) | (214) | |
Other | — | (439) | |
Net cash (used in) provided by financing activities | (6,790) | 39,370 | |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (2,569) | (8,307) | |
Changes in cash, cash equivalents and restricted cash | (46,439) | 21,204 | |
Cash, cash equivalents and restricted cash at beginning of period | 163,061 | 192,807 | |
Cash, cash equivalents and restricted cash at end of period | $ 116,622 | $ 214,011 | |
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets: | |||
Balance as of | |||
September 30, 2024 | December 31, 2023 | ||
Cash and cash equivalents | $ 107,734 | $ 154,801 | |
Restricted cash included in other current assets | 7,176 | 7,244 | |
Restricted cash included in other assets | 1,712 | 1,016 | |
Total cash, cash equivalents and restricted cash | $ 116,622 | $ 163,061 |
Non-GAAP Financial Measures
EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted earnings (loss) per share and free cash flow are measures not recognized under
When analyzing the Company's operating performance, investors should use EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted earnings (loss) per share, free cash flow and net new business as supplements to, and not as alternatives for, net income (loss), operating income, or any other performance measure derived in accordance with
Reconciliation of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA | |||||||
The following table provides a reconciliation of EBITDA and adjusted EBITDA from net (loss) income: | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net (loss) income attributable to Cooper-Standard Holdings Inc. | $ (11,057) | $ 11,363 | $ (118,960) | $ (146,833) | |||
Income tax expense | 2,861 | 4,338 | 15,072 | 9,461 | |||
Interest expense, net of interest income | 29,125 | 33,803 | 87,041 | 98,057 | |||
Depreciation and amortization | 25,916 | 27,219 | 78,252 | 83,017 | |||
EBITDA | $ 46,845 | $ 76,723 | $ 61,405 | $ 43,702 | |||
Restructuring charges | 1,516 | 2,046 | 20,430 | 12,924 | |||
Impairment charges (1) | — | — | — | 654 | |||
Loss on sale of businesses, net (2) | — | 334 | — | 334 | |||
Loss on refinancing and extinguishment of debt (3) | — | — | — | 81,885 | |||
Pension settlement (credit) charge (4) | (2,216) | — | 44,571 | — | |||
Adjusted EBITDA | $ 46,145 | $ 79,103 | $ 126,406 | $ 139,499 | |||
Sales | $ 685,353 | $ 736,038 | $ 2,070,140 | $ 2,142,236 | |||
Net (loss) income margin | (1.6) % | 1.5 % | (5.7) % | (6.9) % | |||
Adjusted EBITDA margin | 6.7 % | 10.7 % | 6.1 % | 6.5 % |
(1) | Non-cash impairment charges in 2023 related to certain assets in |
(2) | Loss on sale of businesses related to divestitures in 2023. |
(3) | Loss on refinancing and extinguishment of debt relating to refinancing transactions in 2023. |
(4) | Pension credit and one-time, non-cash pension settlement charge and administrative fees incurred related to the termination of the Company's U.S. pension plan. |
Adjusted Net (Loss) Income and Adjusted (Loss) Income Per Share (Unaudited) (Dollar amounts in thousands except per share and share amounts) | |||||||
The following table provides a reconciliation of net (loss) income to adjusted net (loss) income and the respective (loss) income per share amounts: | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net (loss) income attributable to Cooper-Standard Holdings Inc. | $ (11,057) | $ 11,363 | $ (118,960) | $ (146,833) | |||
Restructuring charges | 1,516 | 2,046 | 20,430 | 12,924 | |||
Impairment charges (1) | — | — | — | 654 | |||
Loss on sale of businesses, net (2) | — | 334 | — | 334 | |||
Loss on refinancing and extinguishment of debt (3) | — | — | — | 81,885 | |||
Pension settlement (credit) charge (4) | (2,216) | — | 44,571 | — | |||
Tax impact of adjusting items (5) | (255) | 1,210 | 68 | (145) | |||
Adjusted net (loss) income | $ (12,012) | $ 14,953 | $ (53,891) | $ (51,181) | |||
Weighted average shares outstanding: | |||||||
Basic | 17,612,001 | 17,427,082 | 17,546,292 | 17,331,199 | |||
Diluted | 17,612,001 | 17,560,221 | 17,546,292 | 17,331,199 | |||
(Loss) income per share: | |||||||
Basic | $ (0.63) | $ 0.65 | $ (6.78) | $ (8.47) | |||
Diluted | $ (0.63) | $ 0.65 | $ (6.78) | $ (8.47) | |||
Adjusted (loss) income per share: | |||||||
Basic | $ (0.68) | $ 0.86 | $ (3.07) | $ (2.95) | |||
Diluted | $ (0.68) | $ 0.85 | $ (3.07) | $ (2.95) |
(1) | Non-cash impairment charges in 2023 related to certain assets in |
(2) | Loss on sale of businesses related to divestitures in 2023. |
(3) | Loss on refinancing and extinguishment of debt relating to refinancing transactions in 2023. |
(4) | Pension credit and one-time, non-cash pension settlement charge and administrative fees incurred related to the termination of the Company's U.S. pension plan. |
(5) | Represents the elimination of the income tax impact of the above adjustments by calculating the income tax impact of these adjusting items using the appropriate tax rate for the jurisdiction where the charges were incurred and other discrete tax expense. |
Free Cash Flow | |||||||
The following table defines free cash flow: | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net cash provided by operating activities | $ 27,859 | $ 20,466 | $ 1,647 | $ 37,616 | |||
Capital expenditures | (10,937) | (16,424) | (39,014) | (63,184) | |||
Free cash flow | $ 16,922 | $ 4,042 | $ (37,367) | $ (25,568) |
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SOURCE Cooper Standard
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