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Cooper-Standard Holdings (NYSE:CPS) led the auto supplier on Tuesday with a 7.01% earnings as of 1:25 pm The stock may have received a boost from General Motors setting higher-than-expected earnings guidance. In terms of strategy, Barra did made clear that ICE profitability will be a priority and updated that GM will spend about $1 billion less on cruises this year than in 2023.
Michigan-based Cooper-Standard (CPS) also announced Tuesday that it has expanded its agreement with Nike (NKE) to license Fortrex material. “Offering a broad spectrum of performance properties with a more environmentally friendly carbon footprint, our Fortrex material has the potential to make a significant impact for companies seeking sustainable material solutions,” the company noted.
Cooper-Standard Holdings (CPS) is expected to report earnings in mid-February. Consensus expectations are for the automotive supplier to report revenue of $691 million and earnings per share of -$0.79. CPS has topped revenue estimates in eight of the last nine earnings reports, but hasn’t posted a profitable quarter since the fourth quarter of 2020.