Cooper-Standard Q2 Profit Falls; Backs 2014 Guidance

(RTTNews) - Cooper-Standard Holdings Inc. (CPS), the parent company of Cooper-Standard Automotive Inc., reported lower net income of $13.2 million, or $0.72 per share, in the second quarter 2014, compared with $27.4 million, or $1.34 per share, a year ago. The latest quarter included debt extinguishment costs of $18.8 million (after tax) related to the firm's debt repurchase transactions that were completed in April.

Adjusted for these debt extinguishment costs, Cooper Standard's earnings per share for the recent quarter were $1.74.

The firm reported revenue of $857.6 million, up 9.3% from the prior year's $784.7 million, impacted favorably by its increased volumes in North America, Europe and Asia Pacific, incremental sales related to the Jyco Sealing Technologies acquisition and favorable foreign exchange of $7.9 million. These items were partially offset by lower production volumes in South America and customer price concessions.

Going forward, the company continues to expect full-year 2014 sales to be in the range of $3.25 billion to $3.35 billion.