Cooper-Commonplace (NYSE:CPS) surged as a lot as 12% in Monday’s buying and selling, bumping from a 52-week low, after saying it completed the sale of a non-core actual property asset in Germany, generated $50M in money proceeds.
The provider of sealing and fluid dealing with programs and elements mentioned it expects to lease again a part of the property till the remaining manufacturing operation might be relocated.
As of March 31, Cooper-Commonplace (CPS) mentioned it had practically $253M in money, together with proceeds from the transaction, with complete liquidity of $395.6M on the finish of the quarter.
The corporate additionally mentioned it obtained $29M from the Inside Income Service for tax refunds associated to web working loss carrybacks made out there by the CARES act, and it expects one other $23M comparable in tax refunds in Q2.
Cooper-Commonplace (CPS) mentioned beforehand that it expects revenues to rise 11%-20% and EBITDA at $55M for 2022.