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Cooper-Standard Holdings Inc. (CPS-2.17%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's performance in its two main segments: Sealing Systems and Fluid Handling Systems. Sealing Systems generated $1.42 billion in sales, while Fluid Handling Systems reported $1.24 billion.
Cooper-Standard reported a net loss of $78.1 million for the year, an improvement from the $203.3 million net loss in the previous year. The improvement was attributed to operational efficiencies and cost management.
Restructuring charges for the year amounted to $23.6 million, primarily related to a plan approved in May 2024 to streamline operations and improve cost efficiency.
The company recorded a non-cash pension settlement charge of $44.6 million due to the termination of a U.S. pension plan, which was part of its efforts to de-risk retirement-related obligations.
Cooper-Standard's cash flow from operations was $76.4 million, while capital expenditures were reduced to $50.5 million from $80.7 million in the previous year.
The company maintains a substantial amount of debt, totaling $1.1 billion, with a significant portion due in 2027. The company has taken steps to manage its debt obligations, including refinancing activities.
Cooper-Standard's ABL Facility provides a borrowing base of $176.7 million, with $169.2 million available for borrowing as of December 31, 2024.
The company continues to focus on innovation and operational excellence, with significant investments in research and development, totaling $82.8 million for the year.
Cooper-Standard's report highlights the challenges and risks associated with its operations, including exposure to foreign currency exchange rates, raw material cost fluctuations, and geopolitical uncertainties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cooper-Standard Holdings Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.