NORTHVILLE, Mich., May 6, 2026 /PRNewswire/ -- Cooper-Standard Holdings Inc. (NYSE: CPS) today reported results for the first quarter 2026.
First Quarter 2026 Highlights
-- Sales of $686.4 million, an increase of 2.9% vs. the first quarter of
2025
-- Gross profit of $82.4 million, an increase of 6.8% vs. the first quarter
of 2025
-- Net loss of $33.3 million, or $(1.85) per diluted share, including loss
on refinancing of debt
-- Adjusted net loss of $5.2 million, or $(0.29) per diluted share
-- Adjusted EBITDA of $51.0 million, or 7.4% of sales
-- Net New Business Awards totaled $127.9 million during the quarter
"Our teams delivered results in the quarter that were consistent with our plans and expectations," said Jeffrey Edwards, chairman and CEO, Cooper Standard. "By maintaining focus on operational excellence and our strategic execution, we are effectively managing current market dynamics and believe we are on track to achieve or exceed our sales and profitability targets for the full year."
Consolidated Results
Three Months Ended March 31,
-----------------------------------------
2026 2025
-------------------- -------------------
(Dollar amounts in millions except
per share amounts)
Sales $ 686.4 $ 667.1
Net (loss) income $ (33.3) $ 1.6
Adjusted net (loss) income* $ (5.2) $ 3.5
Net (loss) income per diluted
share $ (1.85) $ 0.09
Adjusted net (loss) income per
diluted share* $ (0.29) $ 0.19
Adjusted EBITDA* $ 51.0 $ 58.7
*Adjusted net (loss) income, adjusted EBITDA, and adjusted net (loss) income
per diluted share 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.
Sales increased by 2.9% in the first quarter due primarily to favorable foreign exchange, partially offset by unfavorable volume and mix.
Net loss for the first quarter of 2026 was $33.3 million, including restructuring charges of $4.6 million, a loss of $24.2 million related to the successful debt refinancing completed during the quarter, and other special items. Net income for the first quarter of 2025 was $1.6 million, including restructuring charges of $2.1 million and other special items. Excluding these special items and their related tax impact, adjusted net loss was $5.2 million in the first quarter of 2026 compared to adjusted net income of $3.5 million in the first quarter of 2025. The year-over-year change was primarily due to unfavorable volume and mix, the non-recurrence of certain royalty payments received in the first quarter of 2025, and general cost inflation, partially offset by cost savings from increased manufacturing and purchasing efficiency.
Adjusted EBITDA for the first quarter of 2026 was $51.0 million compared to $58.7 million in the first quarter of 2025. The year-over-year change was primarily driven by unfavorable volume and mix, the non-recurrence of certain royalty payments received in the first quarter of 2025, and general cost inflation, partially offset by increased manufacturing and purchasing efficiency.
New Business Awards
The Company continues to leverage its world-class engineering and manufacturing capabilities, its innovation programs and its reputation for quality and service to win new business awards with its OEM customers and capitalize on positive global trends associated with hybrid and battery electric vehicles. During the first quarter of 2026, the Company received net new business awards totaling $127.9 million in anticipated incremental future annualized sales, including $31.8 million in new awards associated with battery electric or full-hybrid platforms.
Segment Results of Operations
Sales
Three Months Ended March 31, Variance Due To:
--------------------------------------
Foreign
2026 2025 Change Volume/Mix* Exchange
----------- ----------- ------------ --------------- ---------------
(Dollar amounts in thousands)
Sales to
external
customers
Sealing
systems $ 348,303 $ 344,311 $ 3,992 $ (14,560) $ 18,552
Fluid
handling
systems 317,946 303,998 13,948 8,507 5,441
* Net of customer price adjustments, including recoveries.
Adjusted EBITDA
Three Months Ended March 31, Variance Due To:
-------------------------------------- --------------------------------------------
Foreign Cost Decreases/
2026 2025 Change Volume/Mix* Exchange (Increases)**
----------- ----------- ------------ ------------ ------------ ----------------
(Dollar amounts in thousands)
Segment
adjusted
EBITDA
Sealing
systems $ 29,951 $ 32,312 $ (2,361) $ (9,799) $ 368 $ 7,070
Fluid
handling
systems 23,455 20,982 2,473 2,544 (4,619) 4,548
* Net of customer price adjustments, including recoveries.
** Net of savings from restructuring initiatives.
Additional detail on our quarterly segment variance analyses is available in our periodic filings with the Securities and Exchange Commission.
Cash and Liquidity
As of March 31, 2026, following the successful refinancing transaction completed during the quarter, Cooper Standard had cash and cash equivalents totaling $118.5 million. Total liquidity, including availability under the Company's amended senior asset-based revolving credit facility, was $285.8 million at the end of the first quarter of 2026. Based on current expectations for light vehicle production and customer demand for our products, the Company believes it has sufficient financial resources to support ongoing operations and the execution of planned strategic initiatives for the foreseeable future. These financial resources include current cash on hand, continuing access to flexible credit facilities, and expected future positive cash generation.
Outlook
The Company believes it is well positioned to continue driving sustainable value through profitable growth and margin enhancement. While customer supply chain disruptions, changing trade and tariff policies, geopolitical issues and affordability concerns have impacted and may continue to impact production forecasts, the Company believes that the underlying demand for new light vehicle production in its key operating regions remains strong, supported by the age of the existing fleet, increasing population, increasing numbers of newly licensed drivers, and declining vehicle inventories. The Company remains confident that the continuing successful execution of its plans and strategies, including expanding relationships with new customers and the continued launch of new, innovative programs with enhanced contribution margins and enhanced index-based commercial agreements, will drive increasing profit margins and returns on invested capital over time as markets stabilize.
Following strong actual results in the first three months of the year, the Company believes it is on track to achieve or exceed the targeted ranges for sales and profitability as outlined in its formal guidance for 2026 issued in February. The Company expects to provide a formal update to its full year guidance in conjunction with the release of its second quarter 2026 results.
Conference Call Details
Cooper Standard management will host a conference call and webcast on May 7, 2026 at 9 a.m. ET to discuss its first quarter 2026 results, provide a general business update and respond to investor questions. Investors and other interested parties may listen to the call by accessing the online, real-time webcast at https://ir.cooperstandard.com/events.
To participate by phone, callers in the United States and Canada can dial toll-free at 800-836-8184 (international callers dial 646-357-8785) and ask to be connected to the Cooper Standard conference call. Representatives of the investment community will have the opportunity to ask questions during Q&A. Participants should dial-in at least five minutes prior to the start of the call.
A replay of the webcast will be available on the investors' portion of the Cooper Standard website shortly after the live event.
About Cooper Standard
Cooper Standard, headquartered in Northville, Mich., with locations in 20 countries, is a leading global supplier of sealing and fluid handling systems and components. Utilizing our materials science and manufacturing expertise, we create innovative and sustainable engineered solutions for diverse transportation and industrial markets. Cooper Standard's approximately 22,000 team members (including contingent workers) are at the heart of our success, continuously improving our business and surrounding communities. Learn more at www.cooperstandard.com or follow us on LinkedIn, X, Facebook, Instagram or YouTube.
Forward Looking Statements
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