Cooper-Standard reports revenue, profit gains in Q2

DETROIT -- Cooper-Standard Automotive Inc. posted revenue and profit increases for the second consecutive quarter. Through the first six months of 2008, the supplier has nearly doubled net income over the year-earlier period.

Cooper-Standard said net income was $11.6 million in the second quarter on sales of $765.5 million. The supplier posted net income of $9.7 million on revenue of $623.9 million in the same quarter last year.

In the six months ending June 30, Cooper-Standard had net income of $27.3 million, up from $14.4 million in the year-earlier period.

Production declines in North America were offset by favorable exchange rates and strength in emerging markets, including Europe and Brazil.

The supplier also said it launched production on several new vehicles in the quarter. The launches were either next-generation models or models previously supplied by another company.

New launches in the quarter that Cooper-Standard supplied parts for include the Dodge Challenger, Ford Fiesta and Flex, Mazda6 and Nissan Maxima.

"Cooper-Standard Automotive's operational flexibility, financial discipline, widening global presence and growing customer diversity have helped the company to perform well in a very difficult environment," CEO Edward Hasler said in a statement.

Cooper-Standard, of suburban Detroit, makes sealing and fluid systems, and suspension and damper systems. The supplier ranks No. 39 on the Automotive News list of the top 150 suppliers to North America with North American original-equipment automotive parts sales of $1.53 billion in fiscal 2007.