Stoneridge ( (SRI) ) has released its Q3 earnings. Here is a breakdown of the information Stoneridge presented to its investors.
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Stoneridge, Inc., headquartered in Novi, Michigan, is a global designer and manufacturer of highly engineered electrical and electronic systems for the automotive, commercial, off-highway, and agricultural vehicle markets.
In its third quarter for 2024, Stoneridge reported sales of $213.8 million, as the company faced significant market-related challenges. The company highlighted the standardization of its MirrorEye technology on several European truck platforms and upcoming launches with Daimler Truck North America and other European brands.
Financial results for the quarter showed a gross profit of $44.5 million and an adjusted EBITDA of $9.2 million, although the company posted a loss per share of $(0.26). Year-to-date cash performance improved by $31.3 million compared to the same period in 2023, primarily due to inventory reductions. Despite market pressures, Stoneridge remains focused on operational efficiency and growth initiatives, including extending its MirrorEye technology and expanding Control Devices.
Looking ahead, Stoneridge has updated its full-year 2024 guidance, projecting revenues between $895 million and $905 million. The company acknowledges macroeconomic headwinds and reduced production volumes but remains committed to controlling costs and improving financial performance to drive long-term growth.
