Cooper-Standard Holdings Inc. (CPS) has reported an 11.09 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $36.36 million, or $1.94 a share in the quarter, compared with $32.73 million, or $1.78 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $46.52 million, or $2.48 a share compared with $41.12 million or $2.23 a share, a year ago.

Revenue during the quarter grew 3.40 percent to $855.66 million from $827.53 million in the previous year period. Gross margin for the quarter expanded 131 basis points over the previous year period to 19.25 percent. Total expenses were 93.17 percent of quarterly revenues, up from 93.08 percent for the same period last year. That has resulted in a contraction of 9 basis points in operating margin to 6.83 percent.

Operating income for the quarter was $58.42 million, compared with $57.24 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $100.76 million compared with $93.34 million in the prior year period. At the same time, adjusted EBITDA margin improved 50 basis points in the quarter to 11.78 percent from 11.28 percent in the last year period.

"We continue to drive value through culture, innovation and results," stated Jeffrey Edwards, chairman and chief executive officer of Cooper Standard. "We are pleased to extend our track record to eight consecutive quarters in which we have delivered year-over-year improvement in adjusted EBITDA and adjusted EBITDA margin."

For fiscal year 2016, Cooper-Standard Holdings Inc. forecasts revenue to be in the range of $3,400 million to $3,430 million.

The company has spent $150.72 million cash to meet investing activities during the nine month period as against cash outgo of $163.51 million in the last year period. It has incurred net capital expenditure of $116.63 million on net basis during the nine month period, down 6.56 percent or $8.18 million from year ago period.

The company has spent $41.26 million cash to carry out financing activities during the nine month period as against cash inflow of $0.51 million in the last year period.

Cash and cash equivalents stood at $360.43 million as on Sep. 30, 2016, up 55.37 percent or $128.44 million from $231.98 million on Sep. 30, 2015.

Working capital increases

Cooper-Standard Holdings Inc. has recorded an increase in the working capital over the last year. It stood at $515.17 million as at Sep. 30, 2016, up 10.39 percent or $48.49 million from $466.68 million on Sep. 30, 2015. Current ratio was at 1.70 as on Sep. 30, 2016, down from 1.71 on Sep. 30, 2015.

Cash conversion cycle (CCC) has decreased to 25 days for the quarter from 46 days for the last year period. Days sales outstanding went down to 66 days for the quarter compared with 69 days for the same period last year.

Days inventory outstanding has decreased to 11 days for the quarter compared with 24 days for the previous year period. At the same time, days payable outstanding went up to 52 days for the quarter from 47 for the same period last year.