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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, Inc. (NYSE: SRI) announced that CEO Jon DeGaynor and CFO Matt Horvath will participate in a fireside chat at the Stephens Annual Investment Conference at 4:00 p.m. ET on November 15, 2022. Interested participants can access the webcast through the Investors/Webcasts & Presentations section of their website. Additionally, Stoneridge will demonstrate the safety features of its MirrorEye system in an equipped truck.
Stoneridge, Inc. (NYSE: SRI) reported third-quarter 2022 sales of $226.8 million, an increase from previous periods. Adjusted sales reached $214.0 million, reflecting a 4.0% sequential growth. Gross profit improved to $49.4 million, representing 23.1% of adjusted sales. Despite challenges, the company expects continued growth in Q4, projecting adjusted revenue between $234 – $244 million. Adjusted EPS guidance for the year was decreased to a range of ($0.32) to ($0.26). The firm anticipates ongoing revenue growth driven by program launches and improved material availability.
Stoneridge, Inc. (NYSE: SRI) will host a webcast of its third-quarter 2022 earnings conference call on November 3, 2022, at 9:00 a.m. ET. The call will feature President and CEO Jon DeGaynor and CFO Matt Horvath. Investors can access the webcast on the Webcasts & Presentations section of the company's website. Stoneridge specializes in highly engineered electrical and electronic components for the automotive, commercial, off-highway, and agricultural vehicle markets. Further company information is available at www.stoneridge.com.
Stoneridge, Inc. reported second-quarter 2022 sales of $220.9 million, with an adjusted operating loss of $6.5 million and a loss per share of $0.27. Gross profit was $38.6 million, representing 18.7% of adjusted sales. The company reduced its full-year revenue guidance by $15 million to a midpoint of $865 million due to slower customer production despite strong demand. Adjusted EPS guidance was revised to a midpoint of ($0.20). Foreign currency impacts negatively affected earnings by $0.06 per share. The OEM MirrorEye® program shows promise with expected take rates exceeding 50% in 2023.
Stoneridge, Inc. (NYSE: SRI) will present at the J.P. Morgan Auto Conference in New York City on August 9, 2022, at 11:50 a.m. ET. The presentation will be made by Jon DeGaynor, president and CEO, along with CFO Matt Horvath. Interested parties can join the presentation via webcast, with details available on the Company's website under the Investors/Webcasts & Presentations section. Stoneridge is known for its innovative electrical and electronic components utilized in various vehicle markets.
Stoneridge, Inc. (NYSE: SRI) will host a live webcast of its second-quarter 2022 earnings conference call on August 4, 2022, at 9:00 a.m. ET. Led by president and CEO Jon DeGaynor and CFO Matt Horvath, the call will provide insights into the company's financial performance. Investors can access the webcast through the Webcasts & Presentations section on the company's website.
Stoneridge, headquartered in Novi, Michigan, specializes in engineered components for automotive, commercial, and agricultural markets.
Stoneridge Inc. (NYSE: SRI) announced the appointment of Salvatore Orsini as chief procurement officer effective July 5, 2022. Orsini will oversee the company's global procurement, including purchasing and supply chain strategy. He brings over 25 years of experience from notable positions in automotive and aerospace sectors. Additionally, Kevin Heigel transitioned to a consulting role, while Archie Nimmer will continue leading global operations. This reorganization aims to enhance Stoneridge’s supply chain resilience amid ongoing global challenges.
On June 7, 2022, Stoneridge, Inc. (NYSE: SRI) announced that its CEO Jon DeGaynor and CFO Matt Horvath will present at the Deutsche Bank Global Auto Industry Conference on June 16, 2022, at 1:35 p.m. ET. Investors can access the presentation via a webcast, with details available on the company's website under the Investors/Webcasts & Presentations section.
Stoneridge, based in Novi, Michigan, specializes in designing and manufacturing advanced electrical and electronic components for various vehicle markets.
Stoneridge, Inc. (SRI) reported its Q1 2022 results, posting sales of $221.1 million and a loss per share of ($0.28). Adjusted sales were $196.6 million, with a gross profit of $41.4 million (21.1% of adjusted sales). The company maintains full-year revenue guidance of $860 million to $900 million and expects improved margins driven by cost recovery efforts. However, it anticipates incremental tax expenses affecting adjusted EPS guidance of ($0.15) to $0.10. Notably, the MirrorEye platform saw strong OEM take rates with ongoing fleet expansions.
Stoneridge, Inc. (NYSE: SRI) will host a live webcast of its first-quarter 2022 earnings conference call on May 5, 2022, at 9:00 a.m. ET. CEO Jon DeGaynor and CFO Matt Horvath will lead the discussion. Interested investors can access the webcast on the company's website under the Investors section. Stoneridge specializes in designing and manufacturing advanced electrical and electronic components for various vehicle markets, including automotive and commercial sectors.
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