Cooper-Standard Holdings Sees FY24 Revenue $2.8B-$2.9B Vs $3B Est.
Author: Benzinga Newsdesk | February 15, 2024 05:33pm
Outlook
Industry projections for 2024 global light vehicle production anticipate volumes essentially in line with 2023 levels. The Company expects to continue leveraging enhanced commercial agreements and operating efficiencies to offset continued inflationary pressures. As a result, Company management expects to deliver improved financial results in 2024 vs. 2023. Initial full year 2024 guidance ranges for key financial measures are as follows:
2023 Actual Results
Initial 2024 Guidance1
Sales
$2.82 billion
$2.8 - $2.9 billion
Adjusted EBITDA2
$167.1 million
$180 - $210 million
Capital Expenditures
$80.7 million
$75 - $85 million
Cash Restructuring
$13.9 million
$15 - $20 million
Net Cash Interest
$68.1 million
$70 - $75 million
Net Cash Taxes
$10.3 million
$20 - $25 million
Key Light Vehicle Productions
Assumptions (Units)
North America
15.6 million
15.8 million
Europe
17.8 million
17.4 million
Greater China
28.9 million
28.9 million
South America
2.9 million
3.0 million
1 Guidance is representative of management's estimates and expectations as of the date it is published. Current guidance as presented in this press release considers January 2024 S&P Global (IHS Markit) production forecasts for relevant light vehicle platforms and models, customers' planned production schedules and other internal assumptions.
2 Adjusted EBITDA is a non-GAAP financial measure. The Company has not provided a reconciliation of projected adjusted EBITDA to projected net income (loss) because full-year net income (loss) will include special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end. Due to this uncertainty, the Company cannot reconcile projected adjusted EBITDA to U.S. GAAP net income (loss) without unreasonable effort.
