Stoneridge trims annual loss on higher sales

NOVI–The transportation technology manufacutrer Stoneridge Inc. (NYSE: SRI) reported a loss of $5.2 million or 19 cents a share for the full year 2023, vs. a loss of $10.7 million or 52 cents a year for 2022. Revenue was $975.8 million, up from $899.9 million a year earlier.

For the fourth quarter, the company provided only an earnings per share figure of 11 cents a share, and a sales figure of $229.5 million. The company didn’t immediately provide comparable figures for the fourth quarter of 2022.

The company also provided 2024 full year guidance of $990 million to $1.01 billion in sales, and earnings before interest, taxes, depreciation and amortization of between $64 million and $70 million.

“In the fourth quarter, we delivered on our previously provided EPS expectations driving sequential improvement from the third quarter,” said Stoneride president and CEO Jim Zizelman. “In 2023, we faced significant macroeconomic headwinds specifically related to the UAW strike, and the slower-than-expected rate of penetration for electric vehicles. That said, we delivered on the financial commitments we outlined at the beginning of the year, driven by the execution of our new program launches and the ramp-up of recently launched programs, continuous improvement in our manufacturing facilities and the execution of operating expense initiatives to both reduce cost and improve efficiency. Looking forward, we will continue to evaluate our cost structure and organization to ensure that we are optimizing cost and organizational capability. Finally, we remain focused on efficient cash generation and specifically, reducing our inventory to generate incremental cash as we continue to grow. As a result, we have set ourselves up for continued strong performance in 2024.”

In the fourth quarter, the company reported control devices sales of $75.4 million, down 12.2 percent from the fourth quarter of 2022, due to the UAW strike and reduced electric vehicle production volumes, partially offset by higher sales in China. Electronics sales of $146.8 million were up 8.9 percent from the fourth quarter of 2022, due to higher customer production volumes and the launch of new programs and ramp-up of existing programs in the European and North American commercial vehicle end markets, along with favorable foreign currency translation, partially offset by lower sales in the European and North American off-highway end markets.

To listen to a conference call discussing these results, visit www.stoneridge.com.

Stoneridge designs and manufactures electrical and electronic systems, components and modules for the automotive, commercial, off-highway and agricultural vehicle markets.

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