Cooper-standard Holdings (CPS) Misses Q2 EPS by 35c, Beats on Revenues; Boosts FY18 Revenue Outlook

Cooper-standard Holdings (NYSE: CPS) reported Q2 EPS of $2.74, $0.35 worse than the analyst estimate of $3.09. Revenue for the quarter came in at $928.3 million versus the consensus estimate of $908.1 million.

Second Quarter 2018 Highlights

• Sales increased 2.1 percent to $928.3 million
• Net income of $41.9 million or $2.28 per diluted share
• Adjusted EBITDA of $107.9 million or 11.6 percent of sales
• Adjusted net income of $50.3 million or $2.74 per diluted share
• Net new business awards totaled $144 million for the quarter

"Our team continued to perform well despite challenging market conditions in the quarter," stated Jeffrey Edwards, chairman and CEO of Cooper Standard. "We are on pace for a record year of new business awards and our focus on driving cost efficiencies generated nearly $22 million in savings within our core business. In addition, we announced two strategic acquisitions that will expand our product offerings and further diversify the markets we serve. We expect improved performance in the second half of the year as the volume and mix of vehicle production returns to planned levels, especially in North America."

GUIDANCE:

Cooper-standard Holdings sees FY2018 revenue of $3.6-3.7 billion, versus the consensus of $3.7 billion.

For earnings history and earnings-related data on Cooper-standard Holdings (CPS) click here.

You May Also Be Interested In

• AeroVironment restates quarterly financials, citing $89M goodwill error
• Alphabet slides over 6% as AI brain drain and SpaceX slump converge
• Assurant (AIZ) is Piper Sandler's Weekly Focus Idea