Cooper Standard Q2 net loss $76.2M; sales down 2.1% YoY; guidance trimmed

Cooper-Standard Holdings Inc.

2024-Q2 EPS reported -$6.16 revenue$33,991,000

Gross profit $82.9M (+6.7% YoY); adjusted EBITDA $50.9M (7.2% of sales, +6.2% YoY).
Net loss $76.2M ($4.34 loss/diluted share) includes $46.8M pension settlement & $17.8M restructuring.
Adjusted net loss improved to $11.3M ($0.64 loss/diluted share) vs $20.0M loss a year ago.
Net new business awards $60.6M in future annualized sales; $37.2M from battery electric vehicles.
Full-year 2024 guidance lowered: sales $2.7-2.8B (prior $2.8-2.9B); adjusted EBITDA $180-200M (prior $180-210M).

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