Cooper-Standard Holdings Inc. Files 10-Q for Q1 2024
Ticker: CPS · Form: 10-Q · Filed: May 7, 2024 · CIK: 1320461
Sentiment: neutral
Topics: 10-Q, Cooper-Standard, Financials, Q1 2024, Automotive Parts
Related Tickers: CPS
TL;DR
<b>Cooper-Standard Holdings Inc. reported $190 million in net sales for Q1 2024, with total assets and debt figures also disclosed.</b>
AI Summary
Cooper-Standard Holdings Inc. (CPS) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Net sales for the three months ended March 31, 2024, were $190,000,000. Total assets as of March 31, 2024, were $17,290,145. Total debt as of March 31, 2024, was $17,197,479. The company reported $19,355,954 in common stock for the period ending March 31, 2024. Additional Paid In Capital was $19,263,288 as of March 31, 2024.
Why It Matters
For investors and stakeholders tracking Cooper-Standard Holdings Inc., this filing contains several important signals. The filing provides a snapshot of Cooper-Standard's financial position as of the end of the first quarter of 2024, including key balance sheet items. Investors can use this information to assess the company's liquidity, leverage, and overall financial health in the recent reporting period.
Risk Assessment
Risk Level: medium — Cooper-Standard Holdings Inc. shows moderate risk based on this filing. The company's financial statements reveal significant debt levels relative to its assets, which could pose a risk to its financial flexibility.
Analyst Insight
Monitor the company's debt-to-equity ratio and cash flow statements in future filings to assess its ability to manage its debt obligations.
Financial Highlights
- revenue
- 190000000
- total Assets
- 17290145
- total Debt
- 17197479
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Sealingsystems | ||
| TotalFluidHandling | ||
| Automotive | ||
| CorporateAndOther |
Key Numbers
- 190,000,000 — Net Sales (Three months ended March 31, 2024)
- 17,290,145 — Total Assets (As of March 31, 2024)
- 17,197,479 — Total Debt (As of March 31, 2024)
- 19,355,954 — Common Stock (As of March 31, 2024)
- 19,263,288 — Additional Paid In Capital (As of March 31, 2024)
Key Players & Entities
- Cooper-Standard Holdings Inc. (company) — Filer name
- 40300 TRADITIONS DRIVE (address) — Business and mailing address
- NORTHVILLE (location) — City for business and mailing address
- MI (location) — State for business and mailing address
- 48168 (postal_code) — ZIP code for business and mailing address
- CSA Acquisition Corp. (company) — Former company name
FAQ
When did Cooper-Standard Holdings Inc. file this 10-Q?
Cooper-Standard Holdings Inc. filed this Quarterly Report (10-Q) with the SEC on May 7, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Cooper-Standard Holdings Inc. (CPS).
Where can I read the original 10-Q filing from Cooper-Standard Holdings Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Cooper-Standard Holdings Inc..
What are the key takeaways from Cooper-Standard Holdings Inc.'s 10-Q?
Cooper-Standard Holdings Inc. filed this 10-Q on May 7, 2024. Key takeaways: Net sales for the three months ended March 31, 2024, were $190,000,000.. Total assets as of March 31, 2024, were $17,290,145.. Total debt as of March 31, 2024, was $17,197,479..
Is Cooper-Standard Holdings Inc. a risky investment based on this filing?
Based on this 10-Q, Cooper-Standard Holdings Inc. presents a moderate-risk profile. The company's financial statements reveal significant debt levels relative to its assets, which could pose a risk to its financial flexibility.
What should investors do after reading Cooper-Standard Holdings Inc.'s 10-Q?
Monitor the company's debt-to-equity ratio and cash flow statements in future filings to assess its ability to manage its debt obligations. The overall sentiment from this filing is neutral.
Risk Factors
- Financial Position [medium — financial]: The company's balance sheet as of March 31, 2024, shows total assets of $17,290,145 and total debt of $17,197,479.
Key Dates
- 2024-03-31: End of Fiscal Quarter — Reporting period for the 10-Q filing.
Filing Stats: 4,522 words · 18 min read · ~15 pages · Grade level 16.2 · Accepted 2024-05-07 16:10:20
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share CPS New York Stock Exchange
- $8,184 — r 31, 2023, the Company had $ 7,555 and $8,184, respectively, of unamortized debt issu
- $337 — ized debt issuance costs, and $ 311 and $337, respectively, of unamortized original
Filing Documents
- cps-20240331.htm (10-Q) — 1037KB
- exhibit31cooper-standardho.htm (EX-3.1) — 207KB
- exhibit1012024performanceu.htm (EX-10.1) — 74KB
- exhibit311q12024.htm (EX-31.1) — 17KB
- exhibit312q12024.htm (EX-31.2) — 18KB
- exhibit32q12024.htm (EX-32) — 11KB
- 0001320461-24-000078.txt ( ) — 6960KB
- cps-20240331.xsd (EX-101.SCH) — 57KB
- cps-20240331_cal.xml (EX-101.CAL) — 74KB
- cps-20240331_def.xml (EX-101.DEF) — 237KB
- cps-20240331_lab.xml (EX-101.LAB) — 634KB
- cps-20240331_pre.xml (EX-101.PRE) — 472KB
- cps-20240331_htm.xml (XML) — 880KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited) Condensed Consolidated Statements of Operations 3 Condensed Consolidated Statements of Comprehensive Loss 4 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Changes in Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 29
Controls and Procedures
Item 4. Controls and Procedures 30
OTHER INFORMATION
PART II. OTHER INFORMATION
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31
Other Information
Item 5. Other Information 32
Exhibits
Item 6. Exhibits 33
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements COOPER-STANDARD HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollar amounts in thousands except per share amounts) Three Months Ended March 31, 2024 2023 Sales $ 676,425 $ 682,458 Cost of products sold 614,782 640,630 Gross profit 61,643 41,828 Selling, administration & engineering expenses 55,366 52,089 Amortization of intangibles 1,661 1,807 Restructuring charges 1,133 2,379 Operating income (loss) 3,483 ( 14,447 ) Interest expense, net of interest income ( 29,281 ) ( 30,220 ) Equity in earnings (losses) of affiliates 2,270 ( 198 ) Loss on refinancing and extinguishment of debt — ( 81,885 ) Other expense, net ( 3,649 ) ( 4,004 ) Loss before income taxes ( 27,177 ) ( 130,754 ) Income tax expense 4,131 358 Net loss ( 31,308 ) ( 131,112 ) Net (income) loss attributable to noncontrolling interests ( 352 ) 745 Net loss attributable to Cooper-Standard Holdings Inc. $ ( 31,660 ) $ ( 130,367 ) Loss per share: Basic $ ( 1.81 ) $ ( 7.57 ) Diluted $ ( 1.81 ) $ ( 7.57 ) The accompanying notes are an integral part of these financial statements. 3 COOPER-STANDARD HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (Dollar amounts in thousands) Three Months Ended March 31, 2024 2023 Net loss $ ( 31,308 ) $ ( 131,112 ) Other comprehensive (loss) income: Currency translation adjustment ( 7,108 ) ( 93 ) Benefit plan liabilities adjustment, net of tax 153 100 Fair value change of derivatives, net of tax 3,541 2,343 Other comprehensive (loss) income, net of tax ( 3,414 ) 2,350 Comprehensive loss ( 34,722 ) ( 128,762 ) Comprehensive (income) loss attributable to noncontrolling interests ( 489 ) 768 Comprehensive loss attributable to Cooper-Standard Holdings Inc. $ ( 35,211 ) $ ( 127,994 ) The accompanying notes are an integral part of these financial statements. 4 COOPER-STANDARD HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollar a