Cooper-Standard Holdings Inc. (CPS) has reported a 33.15 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $41.71 million, or $2.20 a share in the quarter, compared with $31.32 million, or $1.67 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $55.87 million, or $2.95 a share compared with $48.15 million or $2.57 a share, a year ago.

Revenue during the quarter grew 4.59 percent to $902.05 million from $862.50 million in the previous year period. Gross margin for the quarter expanded 32 basis points over the previous year period to 18.86 percent. Total expenses were 92.84 percent of quarterly revenues, up from 92.80 percent for the same period last year. That has resulted in a contraction of 4 basis points in operating margin to 7.16 percent.

Operating income for the quarter was $64.60 million, compared with $62.10 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $110.95 million compared with $103.53 million in the prior year period. At the same time, adjusted EBITDA margin improved 30 basis points in the quarter to 12.30 percent from 12 percent in the last year period.

"Our team delivered excellent results for the first quarter and put us on track to deliver another record year in 2017," stated Jeffrey Edwards, chairman and chief executive officer of Cooper Standard. "In addition, our continued focus on innovation and delivering game-changing technology is contributing to new customer orders and booked business."

For fiscal year 2017, Cooper-Standard Holdings Inc. forecasts revenue to be in the range of $3,480 million to $3,530 million.

Cash flow from investing activities was unchanged at negative $58.24 million for the quarter, when compared with the last year period. It has incurred capital expenditure of $58.24 million on net basis during the quarter, up 5.96 percent or $3.27 million from year ago period.

The company has spent $11.97 million cash to carry out financing activities during the quarter as against cash outgo of $25.38 million in the last year period.

Cash and cash equivalents stood at $406.92 million as on Mar. 31, 2017, up 29.98 percent or $93.85 million from $313.08 million on Mar. 31, 2016.

Working capital increases

Cooper-Standard Holdings Inc. has recorded an increase in the working capital over the last year. It stood at $579.20 million as at Mar. 31, 2017, up 13.71 percent or $69.84 million from $509.35 million on Mar. 31, 2016. Current ratio was at 1.78 as on Mar. 31, 2017, up from 1.72 on Mar. 31, 2016.

Cash conversion cycle (CCC) has decreased to 18 days for the quarter from 29 days for the last year period. Days sales outstanding went down to 58 days for the quarter compared with 63 days for the same period last year.

Days inventory outstanding has decreased to 19 days for the quarter compared with 20 days for the previous year period. At the same time, days payable outstanding went up to 59 days for the quarter from 54 for the same period last year.