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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 its Q2 2021 results, posting sales of $191.3 million and diluted EPS of $0.72, which includes a $30.7 million pre-tax gain from the sale of its Canton, MA facility. Adjusted EPS was ($0.14), impacted by supply chain costs and increased tax expenses, leading to a full-year adjusted EPS guidance reduction to $0.25. Despite strong sales, global supply chain disruptions negatively affected profitability, reducing adjusted operating income by $3.7 million. The company anticipates continued production growth in 2022.
Stoneridge, Inc. (NYSE: SRI) will host a webcast for its second-quarter 2021 earnings call on August 5, 2021, at 9:00 a.m. ET. CEO Jon DeGaynor and CFO Robert Krakowiak will present insights during the call. Investors can access the discussion on the Webcasts & Presentations page of the company's website.
Stoneridge, based in Novi, Michigan, specializes in designing and manufacturing electrical and electronic components for various markets, including automotive and commercial vehicles.
Stoneridge reported its Q1 2021 financial results, achieving sales of $193.8 million, with an adjusted EPS of $0.06. Despite strong operational performance, external supply chain disruptions incurred additional costs, impacting adjusted operating income. The company announced a reduction in its full-year adjusted EPS guidance by $0.13 to a midpoint of $0.55, mainly due to supply chain costs and an unfavorable product mix. Stoneridge is focused on transforming the company through divestitures and expanding its MirrorEye® platform, with positive OEM launches expected in H2 2021.
Stoneridge, Inc. (NYSE: SRI) announced its first-quarter 2021 earnings conference call scheduled for April 29, 2021, at 9:00 a.m. ET. The call will feature presentations from president Jon DeGaynor and CFO Robert Krakowiak. Investors can access the webcast on the Company's website. Stoneridge, based in Novi, Michigan, specializes in designing and manufacturing electrical and electronic components for various vehicle markets including automotive and commercial vehicles.
Stoneridge, Inc. (NYSE: SRI) has announced that its MirrorEye® Camera Monitor System will be installed on new Montgomery Transport vehicles, enhancing safety for drivers and road users. The system, which received a federal exemption from the FMCSA, improves visibility, reduces blind spots, and enhances operational efficiency. Montgomery Transport has adopted the system following positive feedback during its trial period, emphasizing its commitment to safety. Stoneridge aims to further develop this technology for fleet risk management.
Stoneridge, Inc. (NYSE: SRI) has expanded its partnership with Maverick Transportation to incorporate the MirrorEye® Camera Monitor System (CMS) into Maverick's standard equipment for new tractor purchases. This expansion aims to enhance safety through improved driver visibility and operational efficiencies, reinforcing Maverick's commitment to safety. The MirrorEye system, the first of its kind to receive federal exemption, significantly reduces blind spots and offers features like self-cleaning and infrared-enhanced night vision. The collaboration is backed by safety data from their previous evaluations.
Stoneridge, Inc. (NYSE: SRI) reported its fourth-quarter 2020 results with EPS of $0.13 and sales of $189.7 million, while full-year sales reached $648.0 million with a loss per share of ($0.29). Adjusted EPS for Q4 was $0.14. The company anticipates 2021 sales between $770 million and $790 million, factoring in supply chain challenges. Adjusted EPS guidance is set at $0.60 to $0.75. Stoneridge aims for significant growth driven by new program launches and a projected CAGR of at least 10% through 2025. As of Q4, net debt decreased by $13.5 million, with cash reserves totaling $73.9 million.
Stoneridge Inc. (NYSE: SRI) announced the appointment of Frank S. Sklarsky to its board of directors, expanding the board to nine members. Sklarsky brings extensive experience, previously serving as executive vice president and CFO at PPG Industries and Tyco International, among others. His expertise in global business growth and financial strategies is expected to enhance Stoneridge's growth initiatives. Sklarsky holds a bachelor's degree in Accounting from the Rochester Institute of Technology and an MBA from Harvard University.
Stoneridge, Inc. (NYSE: SRI) will host a live webcast of its fourth-quarter 2020 earnings conference call on February 25, 2021, at 9:00 a.m. ET. The call will feature insights from president and CEO Jon DeGaynor and CFO Robert Krakowiak. Investors can access the webcast via the Webcasts & Presentations page on the company’s website. Stoneridge is an independent designer and manufacturer of electrical and electronic components primarily serving automotive and commercial vehicle markets.
Stoneridge, Inc. (NYSE: SRI) announced participation in the Stephens Annual Investment Conference 2020 with a fireside chat featuring CEO Jon DeGaynor and CFO Bob Krakowiak on November 18, 2020, at 8:00 a.m. ET. Interested parties can access the webcast through the Investors/Webcasts & Presentations section on the company’s website prior to the event. Stoneridge specializes in engineering electrical and electronic components for various markets, including automotive and commercial vehicles. Further details are available at Stoneridge.com.
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