Cooper-Standard Holdings Inc. reported a decrease in sales for the fiscal year ending December 31, 2024, totaling $2.73 billion, down 3% from $2.82 billion in 2023. The company's gross profit increased to $302.9 million, reflecting a gross profit margin of 11.1%, compared to 10.3% in the previous year. The net loss attributable to Cooper-Standard Holdings Inc. was $78.7 million, a significant improvement from a net loss of $202 million in 2023. This positive shift in profitability was attributed to operational efficiencies and cost-saving measures, including restructuring initiatives that generated approximately $40 million in annualized savings.
In terms of operational changes, Cooper Standard underwent a significant organizational restructuring effective January 1, 2024, transitioning to a product line-focused management structure. This realignment established two reportable segments: Sealing Systems and Fluid Handling Systems, which had no impact on the company's consolidated financial position. The restructuring aimed to enhance operational efficiency and better allocate resources in response to market demands. The company also continued its focus on sustainability and innovation, particularly in its Industrial and Specialty Group (ISG) business, which has been bolstered by strategic acquisitions and partnerships.
The company’s workforce remained stable, with approximately 22,000 employees across 124 facilities in 20 countries. Cooper Standard's customer base includes major automotive manufacturers such as Ford, General Motors, and Stellantis, with 86% of sales directed to original equipment manufacturers (OEMs). The company reported that its products are featured on over 430 nameplates globally, indicating a strong market presence. However, the company faced challenges from inflationary pressures on raw materials, which accounted for about 51% of the total cost of products sold in 2024.
Looking ahead, Cooper Standard anticipates continued challenges in the automotive market, including rising inventory levels and affordability concerns that may impact production rates. The company expects global light vehicle production to slow further in 2025, influenced by economic uncertainties and potential changes in U.S. trade policy. Despite these challenges, Cooper Standard remains committed to executing its strategic imperatives, focusing on financial strength, world-class execution, and profitable growth driven by innovation. The company plans to maintain its operational efficiency and cost management strategies to navigate the evolving market landscape effectively.
About Cooper-Standard Holdings Inc.
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