Why Cooper-Standard Holdings Stock Plunged Today
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.
Source Fool.com
Cooper Companies Inc. Stock
Cooper Companies Inc. is currently one of the favorites of our community with 8 Buy predictions and no Sell predictions.
However, we have a potential of -32.07% for Cooper Companies Inc. as the target price of 233 € is below the current price of 343.0 €.
