Benzinga | Aug 5, 2021 06:26AM EDT

Cooper-Standard Q2 Results Impacted By Customer Shutdowns, Commodity Inflation; Cuts FY21 Outlook

* Cooper-Standard Holdings Inc (NYSE:CPS) reported second-quarter FY21 sales growth of 56.6% year-on-year, to $533.2 million, versus the consensus of $500 million.

* Semiconductor-related customer shutdowns had a $200 million negative impact on revenue.

* Selling, administrative, and engineering expenses came down by 26.6% Y/Y to $50.1 million.

* The operating loss narrowed 57.5% Y/Y to $(65.6) million.

* The company held $335.5 million in cash and equivalents as of June 30, 2021.

* Adjusted EBITDA was $(14.7) million, versus $(93.8) million last year.

* The adjusted loss per share was $(3.00), compared to the consensus for a loss of $(3.48).

* Net new business awards totaled $91.8 million, including $28.0 million in new business awards on electric vehicle platforms.

* "However, volatile customer production schedules and rising material costs significantly impacted our operating efficiency and results during the quarter," said CEO Jeffrey Edwards.

* Outlook: Cooper-Standard expects FY21 revenue of $2.45 billion - $2.6 billion (original outlook $2.5 billion - $2.7 billion), versus the consensus of $2.53 billion.

* The company sees Adjusted EBITDA of $75 million - $105 million (original outlook $180 million - $200 million).

* Price action: CPS shares closed lower by 3.22% at $25.87 on Wednesday.