Cooper-Standard hits 18-month low after Q4 loss widens, sales fall
18/02/2022 16:50
** Shares of Cooper-Standard Holdings Inc CPS.N fall as
much as ~20% to a near 18-month low of $12.21
** Stock last down 2.2%, on course for seventh straight
session of losses
** After markets closed on Thursday, CPS reported Q4 net
loss of $102.2 mln vs loss of $27.2 mln a year ago urn:newsml:reuters.com:*:nASN00250Z
** Q4 sales fell 13.7% due to unfavorable volume and mix
associated with continuing supply chain constraints, but
favorable price adjustments partially offset the hit
** CEO Cooper Standard says headwinds from increased
material and labor costs remain and CPS has made progress in
negotiations to recover some of those increases in 2022
** CPS expects fiscal 2022 sales between $2.6 bln and $2.8
bln
** Shares of CPS shed ~35% last year
(Reporting by Ananya Mariam Rajesh in Bengaluru)
((AnanyaMariam.Rajesh@thomsonreuters.com))