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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) has appointed Natalia Noblet as president of its Electronics Division, effective September 1, 2024. Noblet succeeds Peter Österberg and will lead financial performance, product development, business strategy, and technical vision for the company's largest and fastest-growing segment. This division focuses on advanced driver assistance products, vision systems, and connectivity and compliance solutions for commercial trucks, buses, and off-highway markets. Noblet previously served as SVP EMEA at ZF's Commercial Vehicle Solutions division and held leadership roles at WABCO. She holds a master's and doctorate degree in economics and management science from Wroclaw University of Economics and Business in Poland.
Stoneridge, Inc. reported Q1 2024 results with sales of $239.2 million, gross profit of $48.4 million, and operating income of $0.3 million. The company maintained its full-year 2024 guidance with sales of $990.0 million - $1,010.0 million, gross margin of 22.0% - 22.75%, and EPS of $0.30 - $0.40. Despite some challenges like warranty-related expenses impacting Q1 results, Stoneridge is focused on cost reduction and improving profitability through operational efficiency.
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