Cooper-Standard Holdings Inc., the parent company of Cooper Standard Automotive, a supplier of systems and components for the automotive industry, announced financial results for the fourth quarter and year ended December 31, 2013.
The Company also provided guidance for full year 2014.
"In 2013, we continued to leverage the strength of our core product lines and extensive global footprint to better position Cooper Standard to achieve long-term profitable growth," said Jeffrey Edwards, chairman and CEO, Cooper Standard. "Our sales increased by 7.3 percent in a year when global OEM vehicle production grew by 3.4 percent. We remain committed to increase shareholder value with continued focus on innovation, successful execution of new product launches and targeted investments to enhance our footprint and capabilities."
In a release on February 24, the Company reported revenue of $794.2 million for the fourth quarter of 2013 as compared to $697.1 million in the same quarter of the previous year. Sales were positively impacted by production volumes in North America, market share gains in Europe and $5.4 million of favorable foreign exchange. Full year revenue was $3.1 billion, up from $2.9 billion in 2012. The third quarter acquisition of Jyco Sealing Technologies contributed incremental sales of $20.8 million in the fourth quarter and $32.7 million for the full year of 2013.
Gross profit for the fourth quarter of 2013 was $105.1 million as compared to $99.7 million for the fourth quarter of 2012. For the full year 2013, the Company generated a gross profit of $472.7 million, representing 15.3 percent of sales, compared to $438.9 million in 2012 or 15.2 percent of sales. This increase in gross profit was driven by increased revenue in all regions and lean savings, partially offset by customer price concessions, higher staffing costs and other operating expenses.
The Company reported a net loss of $20.8 million in the fourth quarter of 2013, compared to a net loss of $9.9 million in the same quarter of 2012. Net income for the quarter was affected by higher tax expenses related to a valuation allowance charge against deferred tax assets in certain foreign jurisdictions.
The Company reported full year 2013 net income of $47.9 million or $2.24 per share on a fully diluted basis. For full year 2012, net income was $102.8 million or $4.14 per share on a fully diluted basis, which included a $48.3 million benefit related to the reversal of the valuation allowance on the Company's deferred income tax assets in the United States.
For the fourth quarter of 2013, Cooper Standard reported adjusted EBITDA of $58.7 million. Adjusted EBITDA for the full year 2013 was $287.4 million or 9.3 percent of sales, compared to $298.0 million or 10.3 percent of sales in 2012.
For 2014, assuming North American vehicle production volume of 16.8 million units, European production volume of 19.6 million units and an average full year exchange rate of $1.28/Euro, the Company expects sales in the range of $3.25 billion to $3.35 billion. Cooper Standard anticipates making capital expenditures of between $195 million to $205 million. The Company expects to incur cash restructuring expenses of between $20 million to $30 million. Cash taxes are estimated to be in the range of $25 million to $35 million.
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