The following is a summary of the Cooper-Standard Holdings Inc. (CPS) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Cooper-Standard reported Q4 2023 sales of $673.6 million, up 3.7% from last year's Q4.

• FY 2023 sales were $2.8 billion, representing an 11.5% increase year-over-year.

• Adjusted EBITDA for Q4 was $27.6 million, in line with Q4 2022 results.

• Full year adjusted EBITDA was $167.1 million, dramatically higher than the $37.9 million in 2022.

• Cooper-Standard experienced a net loss of $55.2 million in Q4, resulting from pension settlements, restructuring, and asset impairments.

• Full year net loss was $202 million, but adjusted net loss was $82.3 million, indicating better performance after accounting for one-off expenses.

• Operational efficiency improvements and better control over raw material costs boosted EBITDA margins.

Business Progress:

• Despite challenges like UAW strikes and changes in their business partnerships, the company grew sales and improved operational efficiency.

• Cooper-Standard spent $80.7 million in capital expenditure in 2023, aiming to further develop its operations.

• Cooper-Standard reportedly delivered $56 million in cost savings through lean programs and initiatives, improving gross margins.

• The company secured $176 million in new contracts linked to their innovative products like the integrated coolant manifold and FlushSeal Technology.

• Expansion in the Fortrex license agreement with Nike presents new revenue opportunities.

• Cooper-Standard is working to regain and expand its market share across various sectors, expecting an average growth rate of over 20% over the next three years.

• Cooper-Standard's commitment to social responsibility was acknowledged by its inclusion in Newsweek's list of America's most responsible companies.

More details: Cooper-Standard IR

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