Stoneridge Reports Second-Quarter 2022 Results
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.
- Strong demand for the MirrorEye® program with take rates averaging 35%.
- Anticipated increase in MirrorEye® take rates above 50% in 2023, potentially boosting revenue.
- Pricing strategies and cost recovery actions have offset 90% of rising material costs.
- Adjusted EPS guidance reduced to a midpoint of ($0.20) due to lower expected revenue and rising costs.
- Second-quarter operating loss of ($5.9) million, reflecting challenging market conditions.
- Foreign currency exchange negatively impacted adjusted EPS by $0.06.
MIRROREYE OEM TAKE RATES REMAIN STRONGER THAN ORIGINAL EXPECTATIONS WITH INCREASED OUTLOOK FOR 2023
SECOND-QUARTER PERFORMANCE IMPACTED BY FX HEADWINDS
2022 Second-Quarter Results
- Sales of
$220.9 million - Adjusted sales of
$205.7 million - Gross profit of
$38.6 million (18.7% of adjusted sales) - Excluding unfavorable impact of foreign currency vs. Q1, adjusted gross margin of
19.7% - Operating loss of (
$5.9) million - Adjusted operating loss of (
$6.5) million ((3.2% ) of adjusted sales) - Excluding unfavorable impact of foreign currency vs. Q1, adjusted operating margin of (
2.3% ) - Adjusted EBITDA of
$2.3 million (1.1% of adjusted sales) - Loss per share ("EPS") of (
$0.27) - Adjusted EPS of (
$0.29) - Net foreign currency unfavorably impacted adjusted EPS in the quarter by (
$0.06) versus prior expectations
2022 Full-year Guidance Update
- Reducing full-year 2022 midpoint revenue guidance by
$15 million to$865 million ($855 million -$875 million ) to reflect slower-than-expected improvement in customer production volumes despite strong end-market demand - Reducing midpoint adjusted EPS guidance (
$0.17) to a midpoint of ($0.20) (($0.25) – ($0.15) ) - Updated full-year revenue guidance expected to reduce adjusted EPS by ~(
$0.11) in the second half - Incremental non-operating expenses, including FX, tax and interest expense expected to reduce adjusted EPS guidance by ~(
$0.11) (incremental ~($0.05) expected in second half) - Operational performance and cost control expected to drive incremental improvement for the remainder of the year
NOVI, Mich., Aug. 3, 2022 /PRNewswire/ -- Stoneridge, Inc. (NYSE: SRI) today announced financial results for the second quarter ended June 30, 2022, with sales of
For the second quarter of 2022, Stoneridge reported gross profit of
Jon DeGaynor, president and chief executive officer, commented, "In the second quarter, our team continued to adapt to volatile production schedules, limited material availability and continued rising material costs. Although material costs continue to create a headwind, we have significantly reduced the net impact of rising material costs on our financial performance as we have offset approximately
DeGaynor continued, "Although macroeconomic conditions continue to be challenging, we remain focused on the initiatives that will drive long-term, profitable growth. Market demand continues to be strong for the first OEM MirrorEye® program in Europe with take rates averaging approximately
Second Quarter in Review
Control Devices sales totaled
Control Devices sales were consistent with our first quarter sales, primarily due to incremental revenue on actuation program ramp-ups offset by continued volatility in customer production volumes and COVID-19 related shutdowns impacting production volumes in China. Second quarter adjusted operating margin decreased 310 basis points relative to the first quarter of 2022, primarily due to a one-time favorable SG&A benefit related to a legal settlement recognized in the first quarter of 2022 and higher material costs from supply chain constraints and inflation.
Electronics adjusted sales totaled
Relative to the first quarter of 2022, Electronics adjusted sales increased
Stoneridge Brazil sales were
Relative to the first quarter of 2022, Stoneridge Brazil sales increased by
Cash and Debt Balances
As of June 30, 2022, Stoneridge had cash and cash equivalents balances totaling
2022 Outlook
Matt Horvath, chief financial officer, commented, "The pricing and supply chain actions taken in the first half of the year continue to provide relief on incremental material costs. Driven primarily by limited material availability, customer production forecasts have not recovered as quickly as we expected despite continued strong end-market demand. As a result, we are reducing the midpoint of our 2022 adjusted revenue guidance by
Horvath continued, "We are reducing our margin guidance to reflect reduced fixed cost leverage on lower expected revenue, offset in part by a continued focus on reducing operating expenses and aligning our cost structure with current market conditions. Additionally, we expect incremental interest and tax expense to reduce adjusted EPS by approximately
The Company announced updated full-year sales guidance of
Conference Call on the Web
A live Internet broadcast of Stoneridge's conference call regarding 2022 second-quarter results can be accessed at 9:00 a.m. Eastern Time on Thursday, August 4, 2022, at www.stoneridge.com, which will also offer a webcast replay.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Michigan, is a global designer and manufacturer of highly engineered electrical and electronic components, modules and systems for the automotive, commercial, off-highway and agricultural vehicle markets. Additional information about Stoneridge can be found at www.stoneridge.com.
Forward-Looking Statements
Statements in this press release contain "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this report and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) acquisition strategy, (iii) investments and new product development, (iv) growth opportunities related to awarded business, and (v) operational expectations. Forward-looking statements may be identified by the words "will," "may," "should," "designed to," "believes," "plans," "projects," "intends," "expects," "estimates," "anticipates," "continue," and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by the statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors:
- the ability of our suppliers to supply us with parts and components at competitive prices on a timely basis, including the impact of potential tariffs and trade considerations on their operations and output;
- fluctuations in the cost and availability of key materials (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and components and our ability to offset cost increases through negotiated price increases with our customers or other cost reduction actions;
- global economic trends, competition and geopolitical risks, including impacts from the ongoing conflict between Russia and Ukraine and the related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries;
- our ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions;
- the impact of COVID-19, or other future pandemics, on the global economy, and on our customers, suppliers, employees, business and cash flows;
- the reduced purchases, loss or bankruptcy of a major customer or supplier;
- the costs and timing of business realignment, facility closures or similar actions;
- a significant change in automotive, commercial, off-highway or agricultural vehicle production;
- competitive market conditions and resulting effects on sales and pricing;
- our ability to manage foreign currency fluctuations
- customer acceptance of new products;
- our ability to successfully launch/produce products for awarded business;
- adverse changes in laws, government regulations or market conditions, including tariffs, affecting our products or our customers' products;
- our ability to protect our intellectual property and successfully defend against assertions made against us;
- liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions on our customers;
- labor disruptions at our facilities or at any of our significant customers or suppliers;
- business disruptions due to natural disasters or other disasters outside of our control;
- the amount of our indebtedness and the restrictive covenants contained in the agreements governing our indebtedness, including our revolving Credit Facility;
- capital availability or costs, including changes in interest rates or market perceptions;
- the failure to achieve the successful integration of any acquired company or business;
- risks related to a failure of our information technology systems and networks, and risks associated with current and emerging technology threats and damage from computer viruses, unauthorized access, cyber-attack and other similar disruptions; and
- the items described in Part I, Item IA ("Risk Factors") of our 2021 10-K filed with the SEC.
The forward-looking statements contained herein represent our estimates only as of the date of this release and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.
Use of Non-GAAP Financial Information
This press release contains information about the Company's financial results that is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this press release. The provision of these non-GAAP financial measures for 2022 and 2021 is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non-GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably predict.
Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company's financial position and results of operations. In particular, management believes that adjusted sales, adjusted gross income and margin, adjusted operating income (loss) and margin, adjusted net loss, adjusted loss per share, adjusted EBITDA, adjusted EBITDA margin, adjusted loss before tax, adjusted income tax expense and adjusted tax rate are useful measures in assessing the Company's financial performance by excluding certain items that are not indicative of the Company's core operating performance or that may obscure trends useful in evaluating the Company's continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company's results of operations and provide improved comparability between fiscal periods.
Adjusted sales, adjusted gross income and margin, adjusted operating income (loss) and margin, adjusted net income loss, adjusted loss per share, adjusted EBITDA, adjusted EBITDA margin, adjusted loss before tax and adjusted tax rate should not be considered in isolation or as a substitute for sales, gross profit, operating income (loss), net loss, loss per share, income before tax, income tax expense, tax rate, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP.
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
June 30, | December 31, | |||||
(in thousands) | 2022 | 2021 | ||||
(Unaudited) | ||||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 40,692 | $ | 85,547 | ||
Accounts receivable, less reserves of | 159,733 | 150,388 | ||||
Inventories, net | 144,108 | 138,115 | ||||
Prepaid expenses and other current assets | 51,247 | 36,774 | ||||
Total current assets | 395,780 | 410,824 | ||||
Long-term assets: | ||||||
Property, plant and equipment, net | 105,137 | 107,901 | ||||
Intangible assets, net | 45,928 | 49,863 | ||||
Goodwill | 33,537 | 36,387 | ||||
Operating lease right-of-use asset | 15,483 | 18,343 | ||||
Investments and other long-term assets, net | 42,549 | 42,081 | ||||
Total long-term assets | 242,634 | 254,575 | ||||
Total assets | $ | 638,414 | $ | 665,399 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Current portion of debt | $ | 4,178 | $ | 5,248 | ||
Accounts payable | 109,179 | 97,679 | ||||
Accrued expenses and other current liabilities | 67,111 | 70,139 | ||||
Total current liabilities | 180,468 | 173,066 | ||||
Long-term liabilities: | ||||||
Revolving credit facility | 157,820 | 163,957 | ||||
Deferred income taxes | 9,286 | 10,706 | ||||
Operating lease long-term liability | 12,313 | 14,912 | ||||
Other long-term liabilities | 5,999 | 6,808 | ||||
Total long-term liabilities | 185,418 | 196,383 | ||||
Shareholders' equity: | ||||||
Preferred Shares, without par value, 5,000 shares authorized, none issued | - | - | ||||
Common Shares, without par value, 60,000 shares authorized, 28,966 and 28,966 | - | - | ||||
Additional paid-in capital | 230,455 | 232,490 | ||||
Common Shares held in treasury, 1,648 and 1,775 shares at June 30, 2022 and | (51,081) | (55,264) | ||||
Retained earnings | 200,734 | 215,748 | ||||
Accumulated other comprehensive loss | (107,580) | (97,024) | ||||
Total shareholders' equity | 272,528 | 295,950 | ||||
Total liabilities and shareholders' equity | $ | 638,414 | $ | 665,399 | ||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
(Unaudited) | |||||||||||||
Three months ended | Six months ended | ||||||||||||
June 30, | June 30, | ||||||||||||
(in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||
Net sales | $ | 220,936 | $ | 191,334 | $ | 441,994 | $ | 385,129 | |||||
Costs and expenses: | |||||||||||||
Cost of goods sold | 182,372 | 148,493 | 361,987 | 296,202 | |||||||||
Selling, general and administrative | 28,938 | 31,380 | 56,337 | 60,756 | |||||||||
Gain on sale of Canton Facility, net | - | (30,718) | - | (30,718) | |||||||||
Design and development | 15,554 | 15,495 | 32,582 | 30,146 | |||||||||
Operating (loss) income | (5,928) | 26,684 | (8,912) | 28,743 | |||||||||
Interest expense, net | 1,217 | 1,860 | 3,003 | 3,626 | |||||||||
Equity in loss (earnings) of investee | 377 | (496) | 458 | (1,110) | |||||||||
Other (income) expense, net | (596) | (272) | 735 | 86 | |||||||||
(Loss) income before income taxes | (6,926) | 25,592 | (13,108) | 26,141 | |||||||||
Provision for income taxes | 413 | 5,794 | 1,906 | 6,213 | |||||||||
Net (loss) income | $ | (7,339) | $ | 19,798 | $ | (15,014) | $ | 19,928 | |||||
(Loss) earnings per share: | |||||||||||||
Basic | $ | (0.27) | $ | 0.73 | $ | (0.55) | $ | 0.74 | |||||
Diluted | $ | (0.27) | $ | 0.72 | $ | (0.55) | $ | 0.73 | |||||
Weighted-average shares outstanding: | |||||||||||||
Basic | 27,269 | 27,137 | 27,234 | 27,077 | |||||||||
Diluted | 27,269 | 27,432 | 27,234 | 27,442 | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
(Unaudited) | ||||||
Six months ended June 30, (in thousands) | 2022 | 2021 | ||||
OPERATING ACTIVITIES: | ||||||
Net (loss) income | $ | (15,014) | $ | 19,928 | ||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||||
Depreciation | 13,618 | 14,099 | ||||
Amortization, including accretion and write-off of deferred financing costs | 4,323 | 3,126 | ||||
Deferred income taxes | (1,868) | 1,658 | ||||
Loss (earnings) of equity method investee | 458 | (1,110) | ||||
Gain on sale of fixed assets | (95) | (139) | ||||
Share-based compensation expense | 2,834 | 2,761 | ||||
Excess tax deficiency (benefit) related to share-based compensation expense | 259 | (289) | ||||
Gain on settlement of net investment hedge | (3,716) | - | ||||
Gain on sale of Canton Facility, net | - | (30,718) | ||||
Gain on disposal of business, net | - | (740) | ||||
Change in fair value of earn-out contingent consideration | - | 1,215 | ||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable, net | (15,481) | (17,175) | ||||
Inventories, net | (11,864) | (24,750) | ||||
Prepaid expenses and other assets | (15,538) | (3,084) | ||||
Accounts payable | 16,577 | 13,610 | ||||
Accrued expenses and other liabilities | 7,689 | (1,033) | ||||
Net cash used for operating activities | (17,818) | (22,641) | ||||
INVESTING ACTIVITIES: | ||||||
Capital expenditures, including intangibles | (14,890) | (14,043) | ||||
Proceeds from sale of fixed assets | 140 | 474 | ||||
Proceeds from settlement of net investment hedge | 3,820 | - | ||||
Proceeds from disposal of business, net | - | 1,050 | ||||
Proceeds from sale of Canton Facility, net | - | 35,167 | ||||
Investment in venture capital fund, net | (450) | (1,599) | ||||
Net cash (used for) provided by investing activities | (11,380) | 21,049 | ||||
FINANCING ACTIVITIES: | ||||||
Revolving credit facility borrowings | 11,190 | 30,000 | ||||
Revolving credit facility payments | (16,500) | (40,000) | ||||
Proceeds from issuance of debt | 19,163 | 21,888 | ||||
Repayments of debt | (20,358) | (25,082) | ||||
Earn-out consideration cash payment | (6,276) | - | ||||
Repurchase of Common Shares to satisfy employee tax withholding | (699) | (2,349) | ||||
Net cash used for financing activities | (13,480) | (15,543) | ||||
Effect of exchange rate changes on cash and cash equivalents | (2,177) | (1,197) | ||||
Net change in cash and cash equivalents | (44,855) | (18,332) | ||||
Cash and cash equivalents at beginning of period | 85,547 | 73,919 | ||||
Cash and cash equivalents at end of period | $ | 40,692 | $ | 55,587 | ||
Supplemental disclosure of cash flow information: | ||||||
Cash paid for interest, net | $ | 3,022 | $ | 3,468 | ||
Cash paid for income taxes, net | $ | 3,936 | $ | 6,645 | ||
Regulation G Non-GAAP Financial Measure Reconciliations | ||
Reconciliation to US GAAP | ||
Exhibit 1 - Adjusted EPS | ||
Reconciliation of Q2 2022 Adjusted EPS | ||
(USD in millions) | Q2 2022 | Q2 2022 EPS |
Net Loss | $ (7.3) | $ (0.27) |
Add: After-Tax Brazilian Indirect Tax Credit | (0.6) | (0.02) |
Adjusted Net Loss | $ (7.9) | $ (0.29) |
Reconciliation of Q1 2022 Adjusted EPS | ||
(USD in millions) | Q1 2022 | Q1 2022 EPS |
Net Loss | $ (7.7) | $ (0.28) |
Add: After-Tax Write-off of Deferred Financing Fees | 0.4 | 0.01 |
Adjusted Net Loss | $ (7.4) | $ (0.27) |
Exhibit 2 – Adjusted EBITDA | |||||
Reconciliation of Adjusted EBITDA | |||||
(USD in millions) | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 |
Income (Loss) Before Tax | $ 25.6 | $ (9.8) | $ (3.9) | $ (6.2) | $ (6.9) |
Interest expense, net | 1.9 | 1.4 | 0.1 | 1.8 | 1.2 |
Depreciation and amortization | 8.5 | 8.2 | 8.7 | 8.7 | 8.5 |
EBITDA | $ 36.0 | $ (0.2) | $ 5.0 | $ 4.3 | $ 2.8 |
Add: Pre-Tax Change in Fair Value of Earn-Out (Stoneridge Brazil) | 1.1 | 0.2 | 0.6 | - | - |
Less: Pre-Tax TSA and Monetary Correction (Stoneridge Brazil) | - | - | (1.1) | - | - |
Less: Pre-Tax Gain from Disposal of MSIL Joint Venture | - | - | (1.8) | - | - |
Add: Pre-Tax Restructuring Costs | 0.3 | 0.7 | 0.1 | - | - |
Less: Pre-Tax Gain on Sale of Canton Facility | (30.7) | - | - | - | - |
Add: Pre-Tax Business Realignment Costs | 0.1 | 1.1 | 0.0 | 0.0 | - |
Add: Pre-Tax Brazilian Indirect Tax Credit, Net | 0.6 | - | - | - | (0.6) |
Less: Pre-Tax Gain from Disposal of Soot Sensor Business | - | - | (0.4) | - | - |
Less: Pre-Tax Sale of Soot Sensor Product Inventory | - | - | 0.1 | - | - |
Adjusted EBITDA | $ 7.4 | $ 1.8 | $ 2.4 | $ 4.3 | $ 2.3 |
Exhibit 3 – Adjusted Gross Profit | |||
Reconciliation of Adjusted Gross Profit | |||
(USD in millions) | Q2 2021 | Q1 2022 | Q2 2022 |
Gross Profit | $ 42.8 | $ 41.4 | $ 38.6 |
Add: Pre-Tax Restructuring Costs | 0.3 | - | - |
Add: Pre-Tax Business Realignment Costs | 0.0 | - | - |
Adjusted Gross Profit | $ 43.1 | $ 41.4 | $ 38.6 |
Exhibit 4 - Adjusted Operating Income | |||
Reconciliation of Adjusted Operating Income (Loss) | |||
(USD in millions) | Q2 2021 | Q1 2022 | Q2 2022 |
Operating Income (Loss) | $ 26.7 | $ (3.0) | $ (5.9) |
Add: Pre-Tax Change in Fair Value of Earn-Out (Stoneridge Brazil) | 1.1 | - | - |
Add: Pre-Tax Restructuring Costs | 0.3 | - | - |
Less: Pre-Tax Gain on Sale of Canton Facility | (30.7) | - | - |
Add: Pre-Tax Business Realignment Costs | 0.1 | - | - |
Add: Pre-Tax Brazilian Indirect Tax Credit, Net | 0.6 | - | (0.6) |
Adjusted Operating Loss | $ (1.9) | $ (3.0) | $ (6.5) |
Exhibit 5 – Segment Adjusted Operating Income | |||
Reconciliation of Control Devices Adjusted Operating Income | |||
(USD in millions) | Q2 2021 | Q1 2022 | Q2 2022 |
Control Devices Operating Income | $ 37.1 | $ 6.8 | $ 4.1 |
Add: Pre-Tax Restructuring Costs | 0.3 | - | - |
Less: Pre-Tax Gain on Sale of Canton Facility | (30.7) | - | - |
Control Devices Adjusted Operating Income | $ 6.6 | $ 6.8 | $ 4.1 |
Reconciliation of Electronics Adjusted Operating Loss | |||
(USD in millions) | Q2 2021 | Q1 2022 | Q2 2022 |
Electronics Operating Loss | $ (1.8) | $ (2.7) | $ (2.5) |
Electronics Adjusted Operating Loss | $ (1.8) | $ (2.7) | $ (2.5) |
Reconciliation of Stoneridge Brazil Adjusted Operating Income (Loss) | |||
(USD in millions) | Q2 2021 | Q1 2022 | Q2 2022 |
Stoneridge Brazil Operating Income (Loss) | $ (0.7) | $ 0.5 | $ 1.0 |
Add: Pre-Tax Change in Fair Value of Earn-Out (Stoneridge Brazil) | 1.1 | - | - |
Add: Pre-Tax Business Realignment Costs | 0.1 | 0.0 | - |
Add: Pre-Tax Brazilian Indirect Tax Credit, Net | 0.6 | - | (0.6) |
Stoneridge Brazil Adjusted Operating Income | $ 1.1 | $ 0.5 | $ 0.4 |
Exhibit 6 – Adjusted Sales | |||
Reconciliation of Adjusted Sales | |||
(USD in millions) | Q2 2021 | Q1 2022 | Q2 2022 |
Sales | $ 191.3 | $ 221.1 | $ 220.9 |
Less: Sales from Spot Purchase Recoveries | - | (24.4) | (15.3) |
Adjusted Sales | $ 191.3 | $ 196.6 | $ 205.7 |
Exhibit 7 – Control Devices Adjusted Sales | |||
Reconciliation of Control Devices Adjusted Sales Excluding Disposed Soot Sensor Business | |||
(USD in millions) | Q2 2021 | Q1 2022 | Q2 2022 |
Control Devices Sales | $ 86.7 | $ 85.0 | $ 85.0 |
Less: Sales from Disposed Soot Sensor Business | (2.3) | - | - |
Control Devices Adjusted Sales Excluding Disposed Soot Sensor Business | $ 84.4 | $ 85.0 | $ 85.0 |
Exhibit 8 – Control Devices Adjusted Operating Income Excluding Disposed Soot Sensor Business | |||
Reconciliation of Control Devices Adjusted Operating Income Excluding Disposed Soot Sensor Business | |||
(USD in millions) | Q2 2021 | Q1 2022 | Q2 2022 |
Control Devices Adjusted Operating Income | $ 6.6 | $ 6.8 | $ 4.1 |
Less: Pre-Tax Operating Loss from Disposed Soot Sensor Business | (0.7) | - | - |
Control Devices Adjusted Operating Income Excluding Disposed Soot Sensor Business | $ 6.0 | $ 6.8 | $ 4.1 |
Exhibit 9 – Electronics Adjusted Sales | |||
Reconciliation of Electronics Adjusted Sales | |||
(USD in millions) | Q2 2021 | Q1 2022 | Q2 2022 |
Electronics Sales | $ 97.3 | $ 132.7 | $ 130.4 |
Less: Sales from Spot Purchase Recoveries | - | (24.4) | (15.3) |
Electronics Adjusted Sales | $ 97.3 | $ 108.3 | $ 115.1 |
Exhibit 10 – Adjusted Tax Rate | ||
Reconciliation of Adjusted Tax Rate | ||
(USD in millions) | Q2 2022 | Tax Rate |
Loss Before Tax | $ (6.9) | |
Add: Pre-Tax Brazilian Indirect Tax Credit | (0.8) | |
Adjusted Loss Before Tax | $ (7.7) | |
Income Tax Expense | 0.4 | (6.0 %) |
Add: Tax Impact from Pre-Tax Adjustments | (0.2) | |
Adjusted Income Tax Expense | $ 0.2 | (2.8 %) |
Exhibit 11 – Adjusted Q2 Results Excluding FX Impact | |
Reconciliation of Adjusted Sales Ex. FX Impact* | |
(USD in millions) | Q2 2022 |
Adjusted Sales | $ 205.7 |
Add: FX Impact | 1.6 |
Adjusted Sales Ex. FX Impact | $ 207.3 |
Reconciliation of Gross Profit Ex. FX Impact* | |
(USD in millions) | Q2 2022 |
Gross Profit | $ 38.6 |
Add: FX Impact | 2.3 |
Gross Profit Ex. FX Impact | $ 40.8 |
Reconciliation of Adjusted Operating Loss Ex. FX Impact* | |
(USD in millions) | Q2 2022 |
Adjusted Operating Loss | $ (6.5) |
Add: FX Impact | 1.6 |
Adjusted Operating Loss Ex. FX Impact | $ (4.9) |
Reconciliation of Adjusted EBITDA Ex. FX Impact* | |
(USD in millions) | Q2 2022 |
Adjusted EBITDA | $ 2.3 |
Add: FX Impact | (0.3) |
Adjusted EBITDA Ex. FX Impact | $ 2.0 |
Reconciliation of Electronics Adjusted Sales Ex. FX Impact* | |
(USD in millions) | Q2 2022 |
Electronics Adjusted Sales | $ 115.1 |
Add: FX Impact | 1.8 |
Electronics Adjusted Sales Ex. FX Impact | $ 117.0 |
Reconciliation of Electronics Operating Loss Ex. FX Impact* | |
(USD in millions) | Q2 2022 |
Electronics Operating Loss | $ (2.5) |
Add: FX Impact | 2.1 |
Electronics Operating Loss Ex. FX Impact | $ (0.5) |
*Adjusted for estimated foreign currency translation and transaction impact using first quarter average foreign currency rates |
View original content to download multimedia:https://www.prnewswire.com/news-releases/stoneridge-reports-second-quarter-2022-results-301599465.html
SOURCE Stoneridge, Inc.
FAQ
What were the second-quarter 2022 sales reported by Stoneridge (SRI)?
What is the adjusted EPS guidance for Stoneridge for 2022?
How much has Stoneridge reduced its full-year revenue guidance for 2022?
What challenges did Stoneridge face in Q2 2022?
What is the outlook for the MirrorEye® program in 2023?
