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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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