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Stoneridge Inc (SRI) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Stoneridge Inc

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CIK: 1043337 Ticker: SRI

 

Exhibit 99.1

 

 

 

FOR IMMEDIATE RELEASE

 

STONERIDGE REPORTS STRONG SECOND-QUARTER 2018 RESULTS

 

MAINTAINS 2018 GUIDANCE RANGE

 

ANNOUNCES SIGNIFICANT PENDING DRIVER INFORMATION SYSTEMS AWARD

 

2018 Second-Quarter Results

·Earnings per diluted share attributable to Stoneridge, Inc. (“EPS”) of $0.52
·Adjusted EPS of $0.55 (adjustments related to the step-up in the fair value of the earn-out related to the PST transaction and certain business realignment costs)
·Sales of $220.6 million, an increase of 5.5% over Q2 2017
·Gross profit of $67.4 million (30.6% of sales), an increase of 5.2% over Q2 2017 adjusted gross profit
·Operating income of $19.2 million
·Adjusted operating income of $20.1 million (9.1% of sales), an increase of 7.8% over Q2 2017
·Adjusted EBITDA of $28.1 million (12.8% of sales), an increase of 9.4% over Q2 2017

 

Maintains 2018 Full-Year Guidance Range

·Expect at least 6% annual revenue growth and EBITDA margin expansion of at least 90 basis points relative to 2017
·Guiding to the lower end of the previously provided range due to reduced production forecasts on certain customer platforms, forecasted currency rates for the remainder of the year and recently announced tariffs
·External factors expected to be partially offset by continued margin expansion

 

NOVI, Michigan – August 1, 2018 – Stoneridge, Inc. (NYSE: SRI) today announced financial results for the second quarter ended June 30, 2018, with sales of $220.6 million and earnings per diluted share of $0.52. Adjusted EPS was $0.55 for the second quarter, considering adjustments related to the step-up in the fair value of the earn-out related to the PST transaction in 2017 and certain business realignment costs.

 

For the second quarter of 2018, Stoneridge reported gross profit of $67.4 million (30.6% of sales). Operating income was $19.2 million and adjusted operating income was $20.1 million (9.1% of sales). Adjusted EBITDA was $28.1 million (12.8% of sales).

 

Jon DeGaynor, President and Chief Executive Officer, commented, “Stoneridge delivered another strong quarter of financial performance. In addition to our financial results, we are announcing a pending driver information systems award with a global commercial vehicle OEM. The award will build upon our existing global relationship with this customer and it is the first significant driver information system award utilizing our local Brazilian footprint. This award, an extension and expansion of an existing program, will begin production in 2021 with an expected $38 million peak annual revenue. We expect continued growth opportunities in our driver information systems, as well as other electronics product lines, as we expand our commercial vehicle OE capabilities in Brazil.”

 

DeGaynor continued, “In addition to announcing this pending driver information system award, it is important to note the progress Stoneridge is making with MirrorEye. We continue to partner with some of the largest fleets in the United States, including J.B. Hunt, Maverick and Schneider during the trial period and have accumulated over one million safe miles driven with trucks utilizing the MirrorEye system.”

 

The following information was filed by Stoneridge Inc (SRI) on Thursday, August 2, 2018 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly 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 Income (Loss)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Condensed Consolidated Statements Of Operations
Acquisition Of Orlaco
Acquisition Of Orlaco (Narrative) (Details)
Acquisition Of Orlaco (Pro Forma Results Of Operations) (Details)
Acquisition Of Orlaco (Schedule Of Total Consideration Transferred) (Details)
Acquisition Of Orlaco (Tables)
Basis Of Presentation
Basis Of Presentation (Narrative) (Details)
Business Realignment
Business Realignment (Schedule Of Business Realignment Charges Classified By Statement Of Operations) (Details)
Business Realignment (Schedule Of Restructuring And Related Costs) (Details)
Business Realignment (Tables)
Changes In Accumulated Other Comprehensive Loss By Component
Changes In Accumulated Other Comprehensive Loss By Component (Details)
Changes In Accumulated Other Comprehensive Loss By Component (Tables)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Reconciliation Of Changes In Product Warranty And Recall Liability) (Details)
Commitments And Contingencies (Tables)
Debt
Debt (Narrative) (Details)
Debt (Schedule Of Debt) (Details)
Debt (Tables)
Earnings Per Share
Earnings Per Share (Narative) (Details)
Earnings Per Share (Tables)
Earnings Per Share (Weighted Average Shares Oustanding Used In Calculating Basic And Diluted Net Income Per Share) (Details)
Financial Instruments And Fair Value Measuements (Summary Of The Change In Fair Value Of The Level 3 Financial Liabilities Related To Contingent Consideration) (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 (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Inventories
Inventories (Narrative) (Details)
Inventories (Schedule Of Inventories) (Details)
Inventories (Tables)
Investments
Investments (Narrative) (Details)
Investments (Schedule Of Noncontrolling Interest) (Details)
Investments (Tables)
Recently Issued Accounting Standards
Revenue
Revenue (Narrative) (Details)
Revenue (Revenue By Segment And Geographical Location) (Details)
Revenue (Tables)
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 (Narrative) (Details)
Ticker: SRI
CIK: 1043337
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-18-055584
Submitted to the SEC: Fri Oct 26 2018 12:22:12 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Motor Vehicle Parts And Accessories

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