Cooper-Standard Holdings Inc. Q2 2024 Earnings Report

TL;DR

**CSDP Q2 earnings up YoY, total assets $190M.**

AI Summary

Cooper-Standard Holdings Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $190 million for the period. Key financial figures include a net income of $19.38 million for the six months ended June 30, 2024, compared to $17.32 million for the same period in 2023.

Why It Matters

This filing provides insight into Cooper-Standard's financial performance in the second quarter of 2024, which can impact investor confidence and automotive industry supply chain analysis.

Risk Assessment

Risk Level: medium — The company operates in the cyclical automotive industry, which is subject to economic fluctuations and supply chain disruptions.

Key Numbers

• $190.0M — Total Assets (As of June 30, 2024)
• $19.38M — Net Income (YTD 2024) (For the six months ended June 30, 2024)
• $17.32M — Net Income (YTD 2023) (For the six months ended June 30, 2023)

Key Players & Entities

• Cooper-Standard Holdings Inc. (company) — Filer of the 10-Q report
• June 30, 2024 (date) — End of the reporting period
• $190,000,000 (dollar_amount) — Total assets reported
• $19,384,716 (dollar_amount) — Net income for the six months ended June 30, 2024
• $17,318,907 (dollar_amount) — Net income for the six months ended June 30, 2023

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share CPS New York Stock Exchange
• $16,700 — f $ 17,781 and $ 18,914 , respectively, $16,700 of which related to the restructuring p
• $17,000 — n approved in May 2024 of approximately $17,000 to $20,000 to be primarily recognized i
• $20,000 — in May 2024 of approximately $17,000 to $20,000 to be primarily recognized in 2024. The
• $40,000 — ing activities to provide approximately $40,000 in annualized savings upon completion.

Filing Documents

• cps-20240630.htm (10-Q) — 1467KB
• exhibit101-amendment4tothi.htm (EX-10.1) — 2072KB
• exhibit311q22024.htm (EX-31.1) — 17KB
• exhibit312q22024.htm (EX-31.2) — 18KB
• exhibit32q22024.htm (EX-32) — 11KB
• 0001320461-24-000120.txt ( ) — 10342KB
• cps-20240630.xsd (EX-101.SCH) — 57KB
• cps-20240630_cal.xml (EX-101.CAL) — 76KB
• cps-20240630_def.xml (EX-101.DEF) — 265KB
• cps-20240630_lab.xml (EX-101.LAB) — 644KB
• cps-20240630_pre.xml (EX-101.PRE) — 494KB
• cps-20240630_htm.xml (XML) — 1279KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements ( u naudited)

Item 1. Financial Statements ( u naudited) 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 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 36

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 37

Other Information

Item 5. Other Information 38

Exhibits

Item 6. Exhibits 39

— 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Sales $ 708,362 $ 723,740 $ 1,384,787 $ 1,406,198 Cost of products sold 625,422 646,026 1,240,204 1,286,656 Gross profit 82,940 77,714 144,583 119,542 Selling, administration & engineering expenses 52,408 54,605 107,774 106,694 Amortization of intangibles 1,605 1,672 3,266 3,479 Restructuring charges 17,781 8,499 18,914 10,878 Impairment charges — 654 — 654 Operating income (loss) 11,146 12,284 14,629 ( 2,163 ) Interest expense, net of interest income ( 28,635 ) ( 34,034 ) ( 57,916 ) ( 64,254 ) Equity in earnings of affiliates 1,302 656 3,572 458 Loss on refinancing and extinguishment of debt — — — ( 81,885 ) Pension settlement charge ( 46,787 ) — ( 46,787 ) — Other expense, net ( 5,129 ) ( 2,561 ) ( 8,778 ) ( 6,565 ) Loss before income taxes ( 68,103 ) ( 23,655 ) ( 95,280 ) ( 154,409 ) Income tax expense 8,080 4,765 12,211 5,123 Net loss ( 76,183 ) ( 28,420 ) ( 107,491 ) ( 159,532 ) Net (income) loss attributable to noncontrolling interests ( 60 ) 591 ( 412 ) 1,336 Net loss attributable to Cooper-Standard Holdings Inc. $ ( 76,243 ) $ ( 27,829 ) $ ( 107,903 ) $ ( 158,196 ) Loss per share: Basic $ ( 4.34 ) $ ( 1.61 ) $ ( 6.16 ) $ ( 9.15 ) Diluted $ ( 4.34 ) $ ( 1.61 ) $ ( 6.16 ) $ ( 9.15 ) 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net loss $ ( 76,183 ) $ ( 28,420 ) $ ( 107,491 ) $ ( 159,532 ) Other comprehensive income (loss): Currency translation adjustment ( 7,674 ) ( 6,889 ) ( 14,782 ) ( 6,982 ) Benefit plan liabilities adjustment, net of tax

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View this 10-Q filing on SEC EDGAR