The following is a summary of the Cooper-Standard Holdings Inc. (CPS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Cooper-Standard Holdings reported Q1 2024 sales of $676.4 million, a decrease of 0.9% due to divestiture activities.

• Gross profit for the first quarter was $61.6 million or 9.1% of sales; an improvement from first quarter 2023's gross profit of $41.8 million or 6.1% of sales.

• The company reported an adjusted EBITDA of $29.3 million, up from $12.5 million in the first quarter of the previous year.

• Despite a net loss of $31.7 million, this is an improvement from Q1 2023's net loss of $130.4 million.

• Expected cost savings lie between $20 million to $25 million due to optimization plans, which could intensify to $40 million to $45 million on a full-year annualised basis next year.

Business Progress:

• Cooper-Standard marked 97% green on customer scorecards for product quality and 96% green for new program launches.

• Through lean initiatives and cost-saving programs, the company saved $19 million.

• Achieving $66 million in net new business awards within the first 3 months of 2024 evidences Cooper-Standard's appealing business approach.

• The company won Supplier of the Year for General Motors for the seventh consecutive year showcasing its reliable and high-quality supply.

• By redefining the operational management structure from a regional to product basis, Cooper-Standard hopes to streamline efficiency and achieve double-digit EBITDA margins by 2025 end.

• With initial 2024 revenue projections unmoved, the company anticipates to outpace the markets they serve in automotive revenues.

• A company-wide refinancing effort will be implemented in the following year, upon favorable conditions.

• By 2025 end, the company aims to revert to their targeted profitability by adjusting its business model.

More details: Cooper-Standard IR

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