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Investor Room Demo COOPER STANDARD REPORTS IMPROVED FIRST QUARTER RESULTS ; ROIC ENHANCEMENT INITIATIVE REMAINS ON TRACK NORTHVILLE , MI / ACCESSWIRE / May 6 , 2021 / Cooper - Standard Holdings Inc. ( NYSE : CPS ) today reported results for the first quarter 2021 . First Quarter 2021 Summary • Sales increased by 2.1 percent to $ 669.0 million ; organic sales growth was 6.3 percent • Gross profit margin increased by 360 basis points year - over - year • Selling , administrative and engineering expense ( SGA & E ) as a percent of sales decreased by 210 basis points year - over - year • Net loss narrowed by 69.4 percent to $ 33.9 million or $ ( 2.00 ) per diluted share vs. net loss of $ 110.6 million or $ ( 6.55 ) per diluted share in the prior year period • Adjusted EBITDA increased by 366 percent year - over - year to $ 38.5 million or 5.8 percent of sales " Our team delivered results very close to our original operating plan for the quarter despite the significant microchip - related production cuts and supply chain disruptions that occurred in our markets , " said Jeffrey Edwards , chairman and CEO , Cooper Standard . " While headwinds are continuing and have intensified in the second quarter , we anticipate automotive production will rebound in the second half of the year . Given our ongoing operating improvements , we are in a position to leverage the higher production levels to drive increasing value for our customers and our shareholders . " Consolidated Results Sales Net loss Adjusted net loss Loss per diluted share Adjusted loss per diluted share Adjusted EBITDA Three Months Ended March 31 , 2021 2020 ( dollar amounts in millions except per share amounts ) $ 669.0 $ 654.9 $ ( 33.9 ) $ ( 110.6 $ ( 14.5 ) $ ( 36.5 $ ( 2.00 ) $ ( 6.55 $ ( 0.85 ) $ ( 2.16 $ 38.5 $ 8.3 The year - over - year change in first quarter sales was primarily attributable to favorable volume and mix , including the non - recurrence of COVID - related customer shutdowns , and favorable foreign exchange partially offset by the divestiture of certain businesses in India and Europe in July 2020. Organic sales growth , which excludes the impacts of foreign exchange and divestitures , was 6.3 percent year - over - year . Net loss for the first quarter 2021 included restructuring charges of $ 21.0 million and other special items . Net loss for the first quarter 2020 included asset impairment charges of $ 74.1 million , restructuring charges of $ 7.3 million and other special items . Adjusted net loss , which excludes these items and their related tax impact , was $ 14.5 million in the first quarter 2021 compared to $ 36.5 million in the first quarter of 2020. The year - over - year improvement was due to increased manufacturing efficiencies , lower selling , administrative and engineering ( SGA & E ) expense and favorable volume and mix including the non - recurrence of COVID - 19 - related customer shutdowns in Asia , partially offset by higher interest expense and general inflation . Adjusted net loss , adjusted EBITDA , adjusted loss per diluted share and free cash flow are non - GAAP measures . Reconciliations to the most directly comparable financial measures , calculated and presented in accordance with accounting principles generally accepted in the United States ( " U.S. GAAP " ) , are provided in the attached supplemental schedules . New Business Awards The Company is continuing to leverage world - class engineering and manufacturing capabilities as well its innovation programs and reputation for quality to win new business awards with its customers . During the first quarter of 2021 , the Company received net new business awards representing an incremental $ 40 million in anticipated future annualized sales . Importantly , $ 31 million of these net new business awards are on electric vehicle platforms . Continuing Execution of ROIC and Margin Enhancement Initiatives The Company remains focused on improving returns on invested capital and adjusted EBITDA margins to above 10 percent . A defined , company - wide initiative to accomplish these goals was initiated in late 2019 and the execution on the defined workstreams is ongoing . Full execution of the " Driving Value Plan " is expected to take approximately three years from inception . We believe we are on track to achieve the stated goals of the initiative by the end of 2022 with the first full year of sustained double - digit ROIC and adjusted EBITDA margins expected to be in 2023 . Segment Results of Operations Sales Three Months Ended March 31 , 2021 2020 Change Variance Due To : Volume / Mix * Foreign Exchange Divestitures Sales to external customers North America Europe Asia Pacific ( dollar amounts in thousands ) South America Total Automotive Corporate , eliminations and other Consolidated sales * Net of customer price reductions $ 339,036 165,776 $ 334,801 185,242 $ 4,235 $ 3,497 ( 19,466 ) 114,225 79,344 34,881 279 40,087 $ 738 14,077 7,917 $ ( 33,822 ( 13,123 ) ) 15,486 634,523 20,471 619,858 ( 4,985 ) 14,665 34,444 35,032 ( 588 ) ( 1,377 42,486 ( 1,545 ) ) ( 3,608 19,124 957 ) ( 46,945 ) $ 668,967 $ 654,890 $ 14,077 $ 40,941 $ 20,081 $ ( 46,945 )