DETROIT -- Cooper-Standard Automotives net loss narrowed to $116.1 million in the fourth quarter, from a loss of $152.6 million a year earlier. Global sales tumbled 33.2 percent to $473.3 million from $708.3 million, the company said yesterday.
For all of 2008, the suppliers lost $121.5 million, compared with a net loss of $151 million in 2007. Sales rose 3.2 percent to $2.59 billion from $2.51 billion in 2007.
The significant and rapid decline in worldwide auto production, especially in the fourth quarter of 2008, is reflected in our financial results, Jim McElya, CEO of Cooper-Standard Automotive, said in a statement. He said the company has been taking appropriate measures in light of the extremely challenging industry conditions that we see continuing for the foreseeable future.
The company blamed lower volumes, increased material costs and unfavorable foreign exchange rates for the full-year loss.
Sales rose slightly in 2008 in large part because of the full-year impact of the 2007 acquisitions of the Metzeler Automotive Profile Systems businesses in Germany, Italy and India, and the Automotive Components Holdings El Jarudo fuel rail operations in Mexico, as well as favorable foreign exchange rates, the company said. That was partially offset by lower sales in North America, particularly in the second half of the year.
The company said net new business awarded during 2008 came to $378.7 million, up 66.9 percent from $226.9 million in 2007. Cooper-Standard said it won new contracts from virtually every major global automaker.
Among the models launched in 2008 using the companys products were the Honda Fit, Opel Insignia, Ford Fiesta, Chery M11 and Porsche 911.
In 2008, about 52 percent of sales in originated outside North America. It was the first year the majority of the companys sales were outside North America.
Cooper-Standard Automotive, of suburban Detroit, makes body-sealing, fluid-handling and noise, vibration and harshness-control systems. It is owned by private-equity firm Cypress Group and Goldman Sachs Capital Partners Funds.
Cooper-Standard Automotive ranks No. 72 on the Automotive News list of the top 100 global suppliers, with worldwide sales to automakers of $2.51 billion in 2007, the most recent year for which rankings are available.