Cooper Standard Holdings, manufacturers of a wide range of products that serve a variety of industries, including RV and marine, reported fourth quarter sales of $601.3 million, down from the $696.9 million of 2021.
The company’s net loss for the quarter was $102 million. The sales figure was an increase of 14 percent over the third quarter of 2022, it said.
For the full year, Cooper reported sales of $2.3 billion, a slight drop over the $2.4 billion of 2020.
“We were pleased to see OEM production schedules begin to stabilize and volumes improve during the fourth quarter, compared to what we saw in the second and third quarters of 2021,” said Jeffrey Edwards, chairman and CEO of Cooper Standard. “Headwinds from increased material and labor costs remain and we have made progress in our negotiations to recover some of those increases in 2022. Our outlook anticipates further improvement in production volumes throughout the year, especially in the second half, which we expect will enable us to drive improved margins and cash flow going forward.”
