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Stoneridge, Inc. (NYSE: SRI) is a leading global designer and manufacturer of highly engineered electrical and electronic components, modules, and systems, primarily serving the automotive, commercial, off-highway, and agricultural vehicle markets. Headquartered in Novi, Michigan, the company operates through two primary segments: Electronics and Control Devices. Additionally, Stoneridge has a significant presence in Brazil through its Stoneridge Brazil segment.
Electronics Segment: This segment is the largest revenue generator for Stoneridge, producing advanced driver information systems, camera-based vision systems, connectivity and compliance products, and electronic control units. Core product offerings include vehicle electrical power and distribution systems, electronic instrumentation, and information display products. Recent achievements include the launch of the Smart 2 Tachograph program in Europe and the MirrorEye® Camera Monitor System (CMS) for commercial trucks.
Control Devices Segment: This segment specializes in electronic and electrical switch products, control actuation devices, and sensors. It has recently extended its existing front-axle disconnect actuator program, securing strategic positions on high-demand light trucks and SUVs through 2032. These programs are expected to generate approximately $20 million in peak annual revenue.
Stoneridge’s innovative products like the MirrorEye® CMS are transforming the industry. The MirrorEye system, which replaces traditional mirrors with advanced camera systems, has been adopted by multiple fleets and original equipment manufacturers (OEMs) to improve fuel efficiency and enhance driver visibility. For instance, MirrorEye-equipped trucks can achieve a 2-3% fuel savings, contributing significantly to reducing CO2 emissions.
Financially, Stoneridge has shown resilience and growth. For the second quarter of 2023, the company reported adjusted sales of $262.4 million and an adjusted EPS of $(0.05). Despite challenges, Stoneridge has demonstrated significant margin improvement, driving gross profit and EBITDA margins higher. The company has refinanced its existing credit facility, securing a new three-year $275 million Senior Secured Revolving Credit Facility, providing liquidity and flexibility for future growth.
Stoneridge remains focused on long-term growth by leveraging its technology and market position. The company expects to outperform its underlying markets, with promising new programs and continued expansion in key segments. Recent collaborations, such as supporting Kenworth and Volvo with MirrorEye integrations, highlight Stoneridge's commitment to advancing vehicle safety and efficiency.
Stoneridge (NYSE: SRI) announced its participation in the 2024 Stephens Annual Investment Conference, featuring a fireside chat on November 19, 2024, in Nashville. The company will showcase its Innovation Truck, demonstrating advanced technologies including:
- MirrorEye® camera monitor system
- AI-powered driver assistance features
- Intelligent connected trailer system with HD cameras and sensors
- Enhanced cockpit displays with 360-degree visibility
- Multi-feature camera wings with integrated signals
The Innovation Truck represents Stoneridge's commitment to advancing vehicle safety, efficiency, and driver comfort through technological innovation. Conference participants can experience these features through ride-along demonstrations.
Stoneridge (NYSE: SRI) reported Q3 2024 financial results with sales of $213.8 million, gross profit of $44.5 million, and adjusted EBITDA of $9.2 million. The company reported a loss per share of $(0.26) and adjusted EPS of $(0.24). Notably, MirrorEye will become standard equipment on several European truck platforms and will launch with Daimler Truck North America in mid-2025. The company updated its 2024 guidance, projecting revenue of $895-905 million, adjusted EBITDA of $42-44 million, and adjusted EPS of $(0.35)-$(0.40), reflecting reduced market expectations across end markets.
Stoneridge (NYSE: SRI) announced its MirrorEye® Camera Monitor System will be available on Daimler Truck North America's new fifth generation Freightliner Cascadia, starting production in mid-2025. This marks Stoneridge's third North American OEM program with factory-installed camera monitor systems. The MirrorCam System features independent camera wings with high mounting positions, three high-resolution in-cab displays, automatic trailer position adjustment, and infrared technology with hydrophobic coatings. The system enhances driver awareness, reduces blind spots, and improves fuel efficiency through aerodynamic design.
Stoneridge, Inc. (NYSE: SRI) announced that DB Schenker is piloting its MirrorEye® Camera Monitor System (CMS) on 75 trucks in its North American fleet. MirrorEye replaces traditional mirrors with integrated cameras and monitors, enhancing safety by reducing blind spots and improving vision in challenging conditions. The system also includes digital video recording and retrieval capabilities.
DB Schenker aims to enhance driver safety and improve fuel efficiency by eliminating traditional mirrors. This aligns with their emissions reduction efforts for CO2 savings in land transportation. If the pilot is successful, DB Schenker plans to expand MirrorEye implementation across its entire North American fleet.
The collaboration supports DB Schenker's commitment to safety and sustainability in fleet operations, while showcasing Stoneridge's focus on driver and fleet-oriented technology offering improved visibility and operational efficiency.
Stoneridge (NYSE: SRI) has announced it will webcast its third quarter 2024 earnings conference call on Thursday, October 31, 2024, at 9:00 a.m. ET. The call will feature president and CEO Jim Zizelman and CFO Matt Horvath. Investors can access the webcast through the Presentations & Events page in the Investors section of the company's website, www.stoneridge.com.
Stoneridge, headquartered in Novi, Michigan, is a global designer and manufacturer of highly engineered electrical and electronic systems, components and modules for the automotive, commercial, off-highway and agricultural vehicle markets.
Stoneridge, Inc. (NYSE: SRI), a global designer and manufacturer of electrical and electronic systems for various vehicle markets, has announced its participation in the CL King's 22nd Annual Best Ideas Conference. Jim Zizelman, president and CEO, and Matt Horvath, CFO, will engage in a fireside chat on Monday, September 16, 2024, at 2:45 p.m. ET.
The company, headquartered in Novi, Michigan, will provide webcast details for the presentation on its website's 'Presentations & Events' section prior to the event. Stoneridge specializes in highly engineered electrical and electronic systems, components, and modules for the automotive, commercial, off-highway, and agricultural vehicle markets.
Stoneridge (NYSE: SRI) reported Q2 2024 financial results with sales of $237.1 million and EPS of $0.10. Adjusted EPS was $0.17. The company achieved significant margin expansion, with gross profit of $53.7 million (22.7% of sales), operating income of $3.4 million, and adjusted EBITDA of $16.1 million (6.8% of sales). Stoneridge updated its full-year 2024 guidance, reducing revenue expectations but increasing gross margin projections. The company now forecasts revenue of $940-$970 million, gross margin of 22.75-23.0%, adjusted operating margin of ~2.75%, and adjusted EPS of $0.18-$0.28. Stoneridge highlighted the launch of its MirrorEye OEM systems with Volvo and Peterbilt, expecting volumes to accelerate in the second half of 2024.
Stoneridge (NYSE: SRI), a global designer and manufacturer of electrical and electronic systems for various vehicle markets, has announced its participation in the 2024 J.P. Morgan Auto Conference in New York City. Jim Zizelman, president and CEO, and Matt Horvath, CFO, will present on Wednesday, August 7, 2024, at 9:35 a.m. ET.
The presentation will be available via live webcast, with details accessible on Stoneridge's website prior to the event. This conference provides an opportunity for Stoneridge to showcase its expertise in highly engineered electrical and electronic systems, components, and modules for the automotive, commercial, off-highway, and agricultural vehicle markets.
Headquartered in Novi, Michigan, Stoneridge continues to demonstrate its commitment to engaging with investors and industry professionals through participation in such prominent events.
Stoneridge, Inc. (NYSE: SRI), a global designer and manufacturer of electrical and electronic systems for various vehicle markets, has announced its upcoming second quarter 2024 earnings conference call. The call will be webcast live on Thursday, August 1, 2024, at 9:00 a.m. ET. President and CEO Jim Zizelman, along with CFO Matt Horvath, will lead the presentation.
Investors and interested parties can access the webcast through the Presentations & Events page in the Investors section of Stoneridge's website. This event provides an opportunity for stakeholders to gain insights into the company's financial performance and future outlook.
Stoneridge (NYSE: SRI) announced that its CEO Jim Zizelman and CFO Matt Horvath will present at the Deutsche Bank Global Auto Industry Conference on June 11, 2024, at 1:55 p.m. ET. The presentation will be available via webcast, with details to be posted on the company's website. Stoneridge, based in Novi, Michigan, specializes in designing and manufacturing electrical and electronic systems for various vehicle markets, including automotive, commercial, off-highway, and agricultural sectors. More information is available on their website.
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