Welcome to our dedicated page for Cooper-Standard Automotive news (Ticker: CPS), a resource for investors and traders seeking the latest updates and insights on Cooper-Standard Automotive stock.
Cooper-Standard Automotive Inc. (NYSE: CPS) is a leading global supplier of rubber and resin products for the automotive industry. Headquartered in Northville, Michigan, the company has a significant presence in 21 countries and employs around 23,000 people. Cooper Standard produces a wide range of products including rubber and plastic sealings, fuel and brake lines, fluid transfer hoses, and anti-vibration systems. These products are essential components used by original equipment manufacturers (OEMs) and the replacement market for passenger vehicles and light trucks.
Among Cooper Standard’s largest customers are industry giants such as Ford, GM, FCA, Peugeot Citroen, and Volkswagen. The company generates a substantial portion of its revenue from its sealing systems products, including innovative solutions like Fortrex, dynamic and static seals, stainless steel trims, flush glass systems, and variable extrusions.
One of Cooper Standard's significant innovations is the FlushSeal™ System, which offers a patented solution for flush glass applications—a growing trend in electric vehicles. This system has been recognized as a finalist for the 2023 Society of Plastics Engineers (SPE) Automotive Innovation Award. The FlushSeal™ System is known for its flexibility, robust glass guidance, and aesthetic appeal, making it a preferred choice for OEMs.
Additionally, Cooper Standard has expanded its partnership with NIKE, Inc. to license its Fortrex™ material platform for footwear applications, underscoring the material's versatility and sustainability. The Fortrex™ material is an elastomeric compound that offers high elasticity, durability, weight savings, and improved performance, making it suitable for various applications beyond automotive, including shoe midsoles. The material also significantly reduces the product lifecycle carbon footprint compared to traditional materials.
Financially, Cooper Standard is on a growth trajectory. For the full year 2023, the company reported improvements in volume and mix, sustainable price adjustments, and reduced material costs. The company continues to leverage its robust engineering and manufacturing capabilities to secure new business awards, particularly in the electric vehicle sector.
In 2024, Cooper Standard announced an operational realignment to optimize asset allocation and enhance growth. This new structure, focused on product lines rather than geographic regions, aims to drive operational efficiency and margin expansion. Recent financial results indicate positive trends, with increases in sales and significant improvements in cash flow and liquidity. The company maintains a strong commitment to innovation, quality, and sustainability, ensuring its continued relevance and competitiveness in the automotive industry.
Cooper Standard (NYSE:CPS) appointed Amy Kulikowski as vice president of global internal audit and compliance, effective September 20, 2021. Kulikowski replaces Becky McCabe, now the chief accounting officer. With over 23 years of experience in accounting and finance, she will lead the company's internal audit and compliance strategies, focusing on the Sarbanes-Oxley program and enterprise risk management. Previously, she served in key roles at BorgWarner and Delphi Technologies, enhancing Cooper Standard's finance team with her expertise.
Cooper Standard (NYSE:CPS) has appointed Soma Venkat as senior vice president and chief information technology officer, effective September 20, 2021. Venkat returns to the company with extensive experience in IT strategy within various sectors, including manufacturing and automotive. He will play a key role in advancing the company’s digital transformation and Driving Value plan. Previously, he served as CIO for IXS and held roles at Cooper Standard from 2016 to 2020. Venkat holds multiple degrees in mathematics and has significant leadership experience in IT.
Cooper-Standard Holdings (NYSE: CPS) will present at the virtual 2021 J.P. Morgan Auto Conference on August 12 at 12:40 p.m. ET. CEO Jeffrey Edwards will discuss the company's business strategies. The presentation will be available via a live webcast on Cooper Standard's website. The company, headquartered in Northville, Mich., is a global supplier of sealing and fluid handling systems, employing about 25,000 people in 21 countries. For live updates, visit here.
Cooper-Standard Holdings (NYSE: CPS) announced the appointment of Christine M. Moore to its Board of Directors, effective August 1, 2021. Moore brings nearly 30 years of experience in accounting and auditing, currently serving as executive vice president at Comerica Bank. Her expertise in internal audit and risk oversight aims to enhance the Board's effectiveness and value delivery. Her term will last until the 2022 annual meeting of shareholders, adding fresh perspectives to Cooper-Standard's strategic direction.
Cooper Standard Holdings (NYSE: CPS) will participate in the 2021 Deutsche Bank Global Auto Industry Conference on June 16 at 3:45 p.m. ET. CEO Jeffrey Edwards and CFO Jonathan Banas will address the company's strategies and engage in a fireside chat format. A live webcast will be available on Cooper Standard's Investor Relations website. Cooper Standard is recognized as a key supplier in the automotive market, operating globally with approximately 25,000 employees and presence in 21 countries.
Cooper Standard (NYSE:CPS) has released its 2020 Corporate Responsibility Report, titled "Stronger: Teams, Partnerships, Business," highlighting its record safety achievements, customer recognition, and initiatives during COVID-19. The report outlines the company's long-term ESG goals, including improving workforce diversity, enhancing workplace safety, and increasing community involvement. CEO Jeffrey Edwards emphasized the firm's commitment to sustainability and plans for updated ESG goals post a materiality assessment in 2021. Detailed metrics are available in the full report.
NORTHVILLE, MI, May 6, 2021 – Cooper-Standard Holdings reported a 2.1% sales increase to $669 million for Q1 2021, with organic growth at 6.3%. Gross profit margin rose by 360 basis points. The net loss narrowed by 69.4% to $33.9 million, or $(2.00) per share, compared to $(6.55) per share the previous year. Adjusted EBITDA surged 366% to $38.5 million. The company anticipates a rebound in automotive production in the latter half of the year despite ongoing supply chain challenges. New business awards in Q1 reached $40 million, with a significant portion linked to electric vehicle platforms.
Cooper-Standard Holdings (NYSE:CPS) will release its Q1 2021 financial results on May 6, after market close. A conference call is scheduled for May 7 at 9:30 a.m. ET, featuring CEO Jeffrey Edwards and CFO Jonathan Banas, who will discuss the results and provide a business update. Participants can join via phone or by accessing a live webcast on the company's Investor Relations website. The call will be open for investor questions following the presentation.
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