Cooper-Standard Q1 sales up 11% to $682.5M; net loss widens to $130.4M on $81.9M debt refinancing charge

Cooper-Standard Holdings Inc.

2023-Q1 EPS reported -$7.57

Sales $682.5M (+11.3% YoY) driven by volume/mix and inflation recovery; gross profit up 94% to $41.8M.
Net loss $130.4M ($7.57/sh) includes $81.9M loss on debt refinancing; adjusted net loss $46.2M ($2.68/sh).
Adjusted EBITDA $12.5M vs $0.1M YoY; margin improved ~180 bps on volume, price adjustments, and lean savings.
Quarter-end cash $105.8M; total liquidity $254.8M. Expects further inflation recovery and price adjustments.
Secured ~$18M in net new annualized EV platform awards during Q1 2023.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Cooper-Standard Holdings Inc. reported the first quarter ended March 31, 2023 results: revenue $682.5 million, net income $(130.4) million, EPS $(7.57) per diluted share.

Period: the first quarter ended March 31, 2023
Revenue: $682.5 million
Net income: $(130.4) million
EPS: $(7.57) per diluted share
Result: reported results

Exact text from the filing

Cooper-Standard Holdings Inc. (NYSE: CPS) today reported results for the first quarter 2023. First Quarter 2023 Summary • Sales totaled $682.5 million, an increase of 11.3% compared to first quarter 2022 • Gross profit of $41.8 million, an increase of 94.2% compared to first quarter 2022 • Net loss of $130.4 million or $(7.57) per diluted share included $81.9 million loss on refinancing and extinguishment of debt

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Source: SEC EDGAR

accession 0001320461-23-000075

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