Good morning, ladies and gentlemen and welcome to the Cooper-Standard First Quarter 2015 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Following management's prepared remarks, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference call is being recorded and the webcast will be available for replay later today. I would now like to turn the call over to Roger Hendriksen, Director, of Investor Relations.

Thank you Shannon, and good morning everyone. Thanks for taking the time to participate in our call today. We appreciate your continued interest in Cooper-Standard. As you know we distributed our first quarter earnings press release last evening and filed our 10-Q this morning. If any of you have not had a chance to view these materials they're available through the Investor Relations page of our website and through EDGAR. The members of our leadership team who will be speaking with you on the call this morning are Jeff Edwards, Chairman and Chief Executive Officer and Matt Hardt, Executive Vice President and Chief Financial Officer. Before we begin, I need to remind you that the statements made in this presentation which are not historical in nature, our forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. They are made based on current factual information and certain assumptions plans, expectations, events, and market trends that management currently believes to be reasonable. Such statements involve risks and uncertainties, financial and operational results for future periods may differ materially from current management projections as a result of factors outside the company's control. For additional information on forward-looking statements and related risk factors, we ask that you refer to the company's statements included in our Form 10-K and other periodic filings with the Securities and Exchange Commission. This call is intended to be in compliance with Regulation FD and is open to institutional investors, security analysts, media representatives and other interested parties. A reconciliation of certain non-GAAP financial measures used in this call can be found in the appendix of this presentation. With that said, I'll turn the call over to Jeff Edwards,

Okay. Thanks, Roger and good morning everyone and certainly thank you for taking time to dial into the call this morning. We're going to start off the discussion today with a brief overview of some of the highlights for the quarter then Matt will review the details of our financial results and after Matt finished with that I'll come back to provide some insights on our outlooks, plans and expectations for the remainder of this year. So going to the next slide, we had a strong quarter by many measures in the brief time we have this morning I'd like to focus our comments on margin improvement, the progress we made and continuing efforts to optimize our footprint our growth rate and a few words about our safety performance as part of our Cooper-Standard operating system. At Cooper-Standard, we're fully committed to ensuring the safety of our employees around the world. It's a core value of the company and safety is one of the key metrics that we track as we strive to achieve world class operations. I am happy to report that the first quarter of 2015 was the best three months period in the company history in terms of reduction in a number workplace injuries and a reduction in our total incident rate. So I'd like to congratulate our employees around the world for their efforts in making our company a safer place to work. As we move to slide five on margin improvement. We're very pleased to have achieved the double-digit adjusted EBITDA margin for the quarter which is in line with our internal plans and commitments we made publicly. On a consolidated basis, our adjusted-EBITDA margin was 10.1% of sales in spite of some challenging market conditions. This represents a 50 basis point improvement over the…

Thanks Jeff and good morning to everyone. Beginning on slide 11, I’d like to quickly review the financial results for the quarter. In the first quarter of 2015, we generated total sales of $800.1 million or $877.1 million when neutralized for the impact of foreign exchange of 4.7% increase over the first quarter of 2014. Gross profit was $130.9 million for a gross profit margin of 16.4%. Adjusted EBITDA was $80.8 million or 10.1% of sales. Now this was a 50 basis point increase over the first quarter of 2014 and the adjusted EBITDA margin was 10.4% of sales or 80 basis points above the first quarter 2014 when neutralizing for the impact of foreign exchange. Our net income for the quarter was $21 million or $1.15 per diluted share. Now these results include $18.8 million in restructuring costs and $11.6 million gain on the acquisition of the majority ownership of the Huayu-Copper Standard Sealing Company in China. On slide 12, you can see the key financials when adjusted for non-operating items. Excluding the restructuring charge of 18.8 million the operating profit would have been $51 million or 6.4% of sales. Now when you exclude both restructuring and the $11.6 million gain on the Huayu-Cooper acquisition our net income would have been $28.2 million or $1.55 per diluted share and that’s up 22% over the first quarter of 2014. On slide 13 we compare our adjusted EBITDA results in the first quarter to the same period a year ago and breakout some of the key drivers of change. Improved operating efficiencies provided a 20% increase, we did have improved volume and mix they were positive in the quarter but essentially they were offset by price and a $10.4 million the foreign exchange negatively impacted our adjusted EBITDA by about 13%.…

Okay thanks Matt. And I'd like to conclude our presentation this morning by sharing a few thoughts on our outlook for the rest of this year. So as we progress through 2015 we want to build on the success of the first quarter as we’ve discussed and we believe we can and will deliver even stronger results going forward. With regards to improved free cash flow we're pleased with the initiatives we're driving and are confident that they will lead to improved results for our shareholders. Another key to driving improved results this year and beyond will be the continued implementation of our Cooper-Standard operating system and the continued rollout of our best business practice tools. So far we have focused our BBP tools on improving our sealing business by transferring best practices from those best performing plants. We can realize significant upside potential by consistently applying our best practices. We don't have to invent new processes or technology to do that. We expect to see continued operational improvements throughout the years as these programs are rolled out and implemented. We will continue to develop an aggressively market new innovations. As you have heard us discussed over the past few months we recently brought four breakthrough technologies to market. Although we are still very early stages of introducing offering these technologies they've already led to more than $50 million in sales. We believe these new products and technologies will enhance our competitive position with existing customer and increased opportunities to work with new customers driving significant market share gains over the next several years. Our growth strategy includes organic growth as well as strategic M&A. The markets in which we compete remain very fragmented and even though we hold a number one or two position in market share for most…

Thank you. [Operator Instructions]. Our first question comes from the line of Dan Dolev with Jefferies. Please go ahead.

Hi, guys. Good morning.

Hey, Dan.

Hey. So yeah, it looks our math is correct. It looks like organic growth accelerated nicely on coming up with something like two point something ex-M&A that being said to get to your annual guidance of three to three four that requires further acceleration maybe you can talk a little bit about by region what would drive that acceleration.

Hey, Dan, this is Matt. Thanks for the question. When you take a look at it, as we talked in the past in the Americas in particular we are still about a 50% run-rate of one of our biggest platforms and we expect to be at a full run rate in May and which will help us increase our output in the second quarter and then it will be full -- for the second-half of the year so from an organic perspective the Americas will see a significant uptick. Additionally, when you take a look at Asia we continue to see growth in that region. In that we are seeing that come up from a plan prospective at all this year.

Okay. Fair enough. And then one other question just housekeeping question. The guidance of adjusted EBITDA margin growth is that on a constant 50 to 75 basis points is that on a constant FX basis or is that as it is?

That’s as it is.

So, my question is you’re improving margins by about 50 basis points what would drive you to get to say the mid-points that again implies in acceleration in margin improvement down the growth?

Sure. Let me just take your answer. I think if there is couple of things first of all Matt mentioned in North America as we had through the second quarter we’re going to be ramping up one of the programs that frankly just one of the highest content per vehicle programs that we have in our North American business. The other thing as we’ve mentioned number of times, we continue to drive our best business practices across the plants, we’re now able to measure each one of our facilities around the world are based on a number of controllable cost areas for the plants in including capacity utilization. And as these teams drive those best practices we’ll really lowering the water level or another way saying is improving our efficiencies considerably in the operations and we have some very aggressive targets for our plants to hit on the cost side. So a combination of doing what we do better and ramping up one of most important programs that we have in the company.

Excellent. Thank you so much guys.

Okay.

Good work. Thank you.

Your next question comes from the line of Glen Chin [ph] from Buckingham Research. Please go ahead.

Thank you. Good morning gentlemen and thank you for the strong results very encouraging.

Good morning.

Kind of a related question on your adjusted EBIT margin ramps through I would to accelerate even the growing production volumes of your most important platform. But aside from that are there any offsetting headwinds that we should expect through the year or is it relatively clear -- between now and the end of the year?

Yeah. I think we were pretty clear on that Glenn as we’d talked about Brazil I think it’s fair to say that’s a pretty significant headwind for all of us. FX probably continues to be one of those headwinds but as it relates to our operating performance, we feel that we’ve got that part of our business under control as we highlighted in the improvement year-over-year really in all of our regions and we’re just really proud of the work that they’ve all done to get everything launched and begin to really drive the change required to bring our plans up to a world class operating level. And so we continue to feel that momentum in a positive way as Matt described in some of his comment.

Okay. Very good. And then a guidance related question. So on your revenue outlook of 3.3 to 3.4 million. In February, you had cut your Euro assumption by 5% and that led to a 3% reduction in your revenue guidance to where it is now. How are you able to hold revenue guidance this quarter while you Euro assumption was cut by 6% this quarter is there an offset?

Yeah. We are seeing incremental volume both in the stage Glen as well as in Asia so we did cut our forward looking to $1.12 to the Euro I mean as you see now we’ve been running still little bit unfavorable to that, that’s causing a little bit of pressure but we are naturally hedged in lot of instances in Europe which helps from an EBITDA fall through perspective that’s why we kept the range 3.3 to 3.4 I think to their continued strengthening of the dollar to those couple of currencies the Euro, Canadian dollar, the Riyal in particular that will probably push closer to the still in that range but to the lower end of that range.

Okay. Very good. Thank you.

[Operator Instructions] It appears that there are no further questions at this time. I would now like to turn the call back over to Roger Hendriksen.

Okay. Thanks everyone for your participation today. If you should have further questions please feel free to give me the call or send an email and I will be happy to help in and continue the dialogue. So this concludes our call today. Thanks again for your continued interest and support.

This concludes today’s conference call. You may now disconnect.