CPS - Why Cooper-Standard Holdings Stock Plunged Today
2024-02-16 20:38:16 ET
Shares of Cooper-Standard (NYSE: CPS) fell 26.1% on Friday after the sealing and fluid-handling systems company announced disappointing quarterly results.
For its fourth-quarter 2023, Cooper Standard's revenue grew 3.7% year over year to $673.6 million, translating to an adjusted ( non-GAAP ) net loss of $31.1 million, or $1.79 per share. By comparison, most analysts expected a much narrower net loss of $0.79 per share on revenue closer to $693 million.
Trending toward the bottom line, Cooper Standard delivered adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $27.6 million, or roughly 4.1% of revenue. Cooper Standard's top-line growth was held back by both inflationary pressure and lost production volume related to work stoppages associated with the United Auto Workers union's strike, as well as the divestiture of non-core businesses over the past year.
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Why Cooper-Standard Holdings Stock Plunged Today