CPS - Cooper-Standard Holdings Inc. (CPS) Q4 2023 Earnings Call Transcript
2024-02-16 12:09:09 ET
Cooper-Standard Holdings Inc. (CPS)
Q4 2023 Earnings Conference Call
February 16, 2024, 09:00 AM ET
Company Participants
Roger Hendriksen - Director of Investor Relations.
Jeff Edwards - Chairman and Chief Executive Officer
Jon Banas - Executive Vice President and Chief Financial Officer
Conference Call Participants
Kirk Ludtke - Imperial Capital
Michael Ward - Freedom Capital
Ben Briggs - Sonic Financial, Inc.
Brian DiRubbio - Baird
Zohair Azmi - Beach Point Capital
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to the Cooper-Standard Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded, and the webcast will be available for replay later today.
I would now like to turn the conference over to Roger Hendriksen, Director of Investor Relations.
Roger Hendriksen
Thanks, Lara, and good morning, everyone. We appreciate your continued interest in Cooper-Standard and thank you for taking the time to participate in our call this morning. The members of our leadership team who will be speaking with you on the call this morning are Jeff Edwards, Chairman and Chief Executive Officer, and Jon Banas, Executive Vice President and Chief Financial Officer.
To remind you that this presentation contains forward-looking statements. While they are made based on current factual information and certain assumptions and plans that management currently believes to be reasonable, these statements do involve risks and uncertainties. For more information on forward-looking statements, we ask that you refer to slide three of this presentation and the company's statements included in periodic filings with the Securities and Exchange Commission. This presentation also contains non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to their most directly comparable GAAP measures are included in the appendix to the presentation.
With that, I will turn the call now over to Jeff Edwards.
Jeff Edwards
Thanks, Roger, and good morning, everyone. We appreciate the opportunity to review our fourth quarter and full year 2023 results and provide an update on our outlook for 2024 and beyond. To begin on slide five, I'd like to highlight some key data points that we believe are reflective of our strong commitment to operational excellence and our core company values. In 2023, we continued to deliver world-class results in terms of product quality, program launches, and service for our customers. This is reflected by our 98% green product quality scorecards and 97% green program launch scorecards.
Even more importantly, we had our best year ever in terms of employee safety. For the full year 2023, our safety incident rate was just 0.32 per 200,000 hours worked, surpassing our previous best for 2022 and well below the world-class benchmark of 0.57. We're especially proud of our 24 plants that completed the year with a perfect safety record of zero reportable incidents. The dedicated teams in these plants continue to affirm that our long-term goal of zero safety incidents is achievable. We also delivered strong revenue growth in 2023 through a combination of new program launches and successful implementation of sustainable pricing....
Cooper-Standard Holdings Inc. (CPS) Q4 2023 Earnings Call Transcript