Cooper Standard Reports Improved First Quarter Results; ROIC Enhancement Initiative Remains On Track newjerseytelegraph.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newjerseytelegraph.com Daily Mail and Mail on Sunday newspapers.
Cooper-Standard Holdings Inc.: Cooper Standard Reports Improved First Quarter Results; ROIC Enhancement Initiative Remains On Track
First Quarter 2021 Summary
Gross profit margin increased by 360 basis points year-over-year
Selling, administrative and engineering expense (SGA&E) as a percent of sales decreased by 210 basis points year-over-year
Net loss narrowed by 69.4 percent to $33.9 million or $(2.00) per diluted share vs. net loss of $110.6 million or $(6.55) per diluted share in the prior year period
Adjusted EBITDA increased by 366 percent year-over-year to $38.5 million or 5.8 percent of sales Our team delivered results very close to our original operating plan for the quarter despite the significant microchip-related production cuts and supply chain disruptions that occurred in our markets, said Jeffrey Edwards, chairman and CEO, Cooper Standard. While headwinds are continuing and have intensified in the second quarter, we anticipate automotive production will rebou