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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) reported Q4 2021 results with sales of $203.7 million and a loss per share of ($0.23). Full-year sales reached $770.5 million, with an EPS of $0.12. Adjusted loss per share for 2021 was ($0.59). The company anticipates 2022 adjusted sales between $860-$900 million and an adjusted EPS guidance of ($0.15) to $0.10. Stoneridge highlighted a 13% increase in backlog, reaching $3.4 billion, and strong demand for the MirrorEye platform. The company's long-term targets are set for $1.25 billion in revenue and 14% EBITDA margin by 2026.
Stoneridge, Inc. (NYSE: SRI) will host a live webcast of its fourth-quarter 2021 earnings conference call on March 1, 2022, at 9:00 a.m. ET. The call will feature CEO Jon DeGaynor and CFO Matt Horvath. Investors can access the webcast via the Investors section on Stoneridge's website. The company specializes in designing and manufacturing advanced electrical and electronic components for various vehicle markets, including automotive and commercial vehicles. Further details are available on their official website.
Valens Semiconductor (NYSE: VLN) and Stoneridge, Inc. (NYSE: SRI) have partnered to enhance safety in the trucking industry through advanced connectivity solutions. This collaboration aims to address visibility limitations in trucks caused by existing technologies. The two companies are developing a long-reach connectivity solution utilizing Valens' VA6000 chipset, enabling high-quality, zero-latency video for safety-critical applications in tractor trailers. This innovation is expected to reduce operating costs and improve the overall safety experience for drivers.
Stoneridge, Inc. (NYSE: SRI) will present at the Stephens Annual Investment Conference on December 1, 2021, at 1:00 p.m. ET. The presentation will feature CEO Jon DeGaynor and CFO Matt Horvath. Investors can join the presentation via 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 electrical and electronic components for various vehicle markets.
Stoneridge, Inc. (NYSE: SRI) announced a Share Purchase Agreement to sell its 49% stake in Minda Stoneridge Instruments Ltd. to Minda Corporation Limited for $21.5 million. The transaction is expected to close by December 30, 2021, pending customary conditions. Stoneridge CEO Jon DeGaynor highlighted this move as part of the company's strategic transformation, allowing for better resource alignment. The company reported equity earnings from Minda Stoneridge of $1.3 million for the first nine months of 2021 and $1.5 million and $1.6 million for 2020 and 2019, respectively.
Stoneridge, Inc. (SRI) reported a third-quarter loss per share of ($0.38) and adjusted EPS of ($0.27), impacted by supply chain challenges and reduced production. Sales reached $181.7 million, with a gross profit of $36.0 million. The company lowered its full-year revenue guidance to $740-$750 million and adjusted EPS to a midpoint of ($0.55). Despite external challenges, Stoneridge emphasized growth momentum in its MirrorEye product channels, indicating ongoing demand in both OEM and retrofit markets. The company also aims for improved margins as supply chains stabilize.
Stoneridge, Inc. (NYSE: SRI) announced today that its CEO, Jon DeGaynor, and CFO, Matt Horvath, will participate in the Gabelli Funds 45th Annual Automotive Symposium.
The fireside chat is scheduled for 2:30 p.m. ET on November 1, 2021. Interested participants can access the webcast details via the Company’s 'Investors/Webcasts & Presentations' section on their website.
Stoneridge, headquartered in Novi, Michigan, is known for designing and manufacturing electronic components and systems for various vehicle markets.
Stoneridge, Inc. (NYSE: SRI) reported preliminary third-quarter results, revealing challenges due to supply chain disruptions resulting from the ongoing pandemic. The company anticipates sales of approximately $180 million, with an expected operating loss of $8.2 to $9.2 million. Adjusted EPS is projected to be between ($0.29) and ($0.23). Production forecasts have declined by about 13% compared to previous estimates, significantly impacting financial outcomes. Stoneridge is implementing cost mitigation strategies and discussing pricing adjustments with customers to navigate these challenges.
Stoneridge, Inc. (NYSE: SRI) announced the appointment of Matthew Horvath as Chief Financial Officer and Treasurer, effective immediately, following the resignation of Robert Krakowiak on August 31, 2021. Horvath has been with Stoneridge for five years and previously served as Executive Director of Corporate Strategy and Investor Relations. His experience includes significant contributions to the company's product portfolio and investor relations. CEO Jon DeGaynor praised Horvath's leadership and financial acumen as critical for advancing the company's strategic objectives.
Stoneridge, Inc. (NYSE: SRI) will present at the J.P. Morgan 2021 Auto Conference on August 11, 2021, at 3:30 p.m. ET. The presentation will feature CEO Jon DeGaynor and CFO Bob Krakowiak. Interested investors can access the webcast details on the company's website prior to the event. Stoneridge is known for designing and manufacturing advanced electrical and electronic components for various vehicle markets, including automotive and commercial sectors. For more information, visit Stoneridge.com.
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