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Stoneridge Inc (SRI) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Stoneridge Inc

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CIK: 1043337 Ticker: SRI

Exhibit 99.1

 

FOR IMMEDIATE RELEASE Logo, company name Description automatically generated

 

Stoneridge Reports Fourth-Quarter and Full-Year 2021 Results

 

ACHIEVED Q4 SEQUENTIAL IMPROVEMENT IN NET SUPPLY CHAIN-RELATED COSTS

ESTABLISHES 2022 EBITDA GUIDANCE OF $43 MILLION – $54 MILLION

13% BACKLOG1 GROWTH IN 2021 DRIVING 2026 REVENUE TARGET OF $1.25 BILLION

 

Fourth-Quarter 2021 Results

·Loss per diluted share (“EPS”) of ($0.23)
·Adjusted loss per share of ($0.24)
·Sales of $203.7 million
·Adjusted sales of $184.7 million
·Gross profit of $41.9 million
·Adjusted gross profit of $42.0 million (22.7% of adjusted sales)
·Operating loss of ($4.4) million
·Adjusted operating loss of ($7.0) million ((3.8%) of adjusted sales)
·Adjusted EBITDA of $2.4 million (1.3% of adjusted sales)

 

Full-Year 2021 Results

·Earnings per share of $0.12
·Adjusted loss per share of ($0.59)
·Sales of $770.5 million
·Gross profit of $166.9 million
·Adjusted gross profit of $168.4 million (22.4% of adjusted sales)
·Operating profit of $15.4 million
·Adjusted operating loss of ($12.2) million ((1.6%) of adjusted sales)
·Adjusted EBITDA of $23.7 million (3.2% of adjusted sales)

 

2022 Guidance

·Adjusted EPS of ($0.15) - $0.10
·Adjusted sales of $860 - $900 million
·Adjusted gross margin of 21.5% - 22.5%
·Adjusted operating margin of 0.75% - 1.75%
·Adjusted EBITDA margin of 5.0% - 6.0% ($43 million - $54 million)
·Tax expense of $2.5 million to $4.5 million

 

NOVI, Mich. – February 28, 2022 – Stoneridge, Inc. (NYSE: SRI) today announced financial results for the fourth quarter and full-year ended December 31, 2021, with fourth quarter sales of $203.7 million and a loss per share of ($0.23) and full-year sales of $770.5 million and EPS of $0.12. Adjusted sales for the fourth quarter and full year were $184.7 million and $750.5 million respectively. Adjusted loss per share was ($0.24) for the fourth quarter ended December 31, 2021 and adjusted loss per share was ($0.59) for the full-year 2021. The exhibits attached hereto provide reconciliation detail on the normalizing adjustments.

 

For the fourth quarter ended December 31, 2021, Stoneridge reported gross profit of $41.9 million and adjusted gross profit of $42.0 million (22.7% of adjusted sales). Fourth quarter 2021 operating loss was ($4.4) million and adjusted operating loss was ($7.0) million ((3.8%) of adjusted sales). Fourth quarter 2021 adjusted EBITDA was $2.4 million (1.3% of adjusted sales).

 

For the full-year ended December 31, 2021, Stoneridge reported gross profit of $166.9 million and adjusted gross profit of $168.4 million (22.4% of adjusted sales). 2021 operating profit was $15.4 million and adjusted operating loss was ($12.2) million ((1.6)% of adjusted sales). 2021 adjusted EBITDA was $23.7 million (3.2% of adjusted sales).

 

The following information was filed by Stoneridge Inc (SRI) on Monday, February 28, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Stoneridge Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive (Loss) Income
Condensed Consolidated Statements Of Comprehensive (Loss) Income (Parenthetical)
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Shareholders' Equity
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Debt
Debt (Future Maturities Of Long-Term Debt) (Detail)
Debt (Narrative) (Details)
Debt (Schedule Of Debt) (Details)
Debt (Tables)
Employee Benefit Plans
Employee Benefit Plans (Details)
Financial Instruments And Fair Value Measurements
Financial Instruments And Fair Value Measurements (Narrative) (Details)
Financial Instruments And Fair Value Measurements (Schedule Of Cash Flow Hedges Included In Accumulated Other Comprehensive Income (Loss)) (Details)
Financial Instruments And Fair Value Measurements (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details)
Financial Instruments And Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details)
Financial Instruments And Fair Value Measurements (Summary Of The Change In Fair Value Of The Level 3 Financial Liabilities Related To Earn-Out Consideration) (Details)
Financial Instruments And Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Classification Of Net Deferred Tax Asset) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit)) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Schedule Of Tax Years Open For Examination) (Details)
Income Taxes (Summary Of Income Tax Contingencies) (Details)
Income Taxes (Tables)
Investments
Investments (Narrative) (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Maturities Of Operating Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Other Information (Details)
Leases - Weighted-Average Remaining Lease Term And Discount Rate (Details)
Leases -Balance Sheet Information (Details)
Organization And Nature Of Business
Recently Issued Accounting Standards (Details)
Restructuring And Business Realignment
Restructuring And Business Realignment (Narrative) (Details)
Restructuring And Business Realignment (Realignment Charges Classified By Statement Of Operations) (Details)
Restructuring And Business Realignment (Schedule Of Restructuring And Related Costs) (Details)
Restructuring And Business Realignment (Tables)
Revenue
Revenue (Narrative) (Details)
Revenue (Revenue By Segment And Geographical Location) (Details)
Revenue (Tables)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Segment Reporting
Segment Reporting (Narrative) (Details)
Segment Reporting (Schedule Of Revenue From External Customers And Long-Lived Assets, By Geographical Areas) (Details)
Segment Reporting (Schedule Of Segment Reporting Information, By Segment) (Details)
Segment Reporting (Tables)
Share-Based Compensation
Share-Based Compensation Plans (Disclosure Of Share-Based Compensation Arrangements By Share-Based Payment Award) (Details)
Share-Based Compensation Plans (Narrative) (Details)
Share-Based Compensation Plans (Schedule Of The Allocation Of Performance Shares Between Total Shareholder Return And Earnings Per Share) (Details)
Share-Based Compensation Plans (Tables)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Accrued Expenses And Other Current Liabilities) (Details)
Summary Of Significant Accounting Policies (Acquisitions Narrative) (Details)
Summary Of Significant Accounting Policies (Changes In Accumulated Other Comprehensive Loss By Component) (Details)
Summary Of Significant Accounting Policies (Equity And Accumulated Other Comprehensive Loss) (Details)
Summary Of Significant Accounting Policies (Estimated Useful Lives Of Property, Plant And Equipment) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Other Intangible Assets) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Property Plant And Equipment Net) (Details)
Summary Of Significant Accounting Policies (Schedule Of Accounts Receivable And Concentration Of Credit Risk) (Details)
Summary Of Significant Accounting Policies (Schedule Of Goodwill) (Details)
Summary Of Significant Accounting Policies (Schedule Of Inventory, Current) (Details)
Summary Of Significant Accounting Policies (Schedule Of Product Warranty Liability) (Details)
Summary Of Significant Accounting Policies (Schedule Of Weighted Average Number Of Shares) (Details)
Summary Of Significant Accounting Policies (Tables)
Ticker: SRI
CIK: 1043337
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-002389
Submitted to the SEC: Mon Feb 28 2022 4:56:30 PM EST
Accepted by the SEC: Mon Feb 28 2022
Period: Friday, December 31, 2021
Industry: Motor Vehicle Parts And Accessories

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