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Stoneridge Inc (SRI) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Stoneridge Inc

CIK: 1043337 Ticker: SRI

Exhibit 99.1

 

 

 

FOR IMMEDIATE RELEASE

 

Stoneridge Reports Second-Quarter 2020 Results

 

STRONG EXECUTION IN RESPONSE TO COVID-19 – Q2 CASH FLOW BETTER THAN EXPECTED

 

MIRROREYE® PRE-WIRE PARTNERSHIP WITH DAIMLER TRUCKS NORTH AMERICA – ORDERS TO BEGIN IN Q3

 

ANNOUNCES EXPANDED MIRROREYE RETROFIT INSTALLATIONS WITH 3 FLEETS

 

2020 Second-Quarter Results

·Loss per share (“EPS”) of ($0.81)
·Adjusted EPS of ($0.55)
·Sales of $99.5 million
·Gross profit of $13.3 million
·Adjusted gross profit of $14.4 million (14.5% of sales)
·Operating loss of ($26.8) million
·Adjusted operating loss of ($19.1) million ((19.2%) of sales)
·Adjusted EBITDA of ($11.4) million ((11.5%) of sales)

 

Outlook

·Q3 revenue expected to be in line with run-rate at end of Q2 (June revenue of $51.5 million). Full year 2020 end market production forecast increased by 1.3% relative to previous expectations.
·Expecting second half incremental contribution margins of approximately 35% vs. Q2
·Q3 cash generation expected to at least offset increase in Q2 net debt ($11.1 million)
·2021 weighted average OEM end market production expected to increase by 16.0% vs. 2020

 

NOVI, Mich. – July 29, 2020 – Stoneridge, Inc. (NYSE: SRI) today announced financial results for the second quarter ended June 30, 2020, with sales of $99.5 million and loss per share (EPS) of ($0.81). Adjusted EPS was ($0.55) for the second quarter, considering normalizing adjustments as outlined in the exhibits attached hereto.

 

For the second quarter of 2020, Stoneridge reported gross profit of $13.3 million and adjusted gross profit of $14.4 million (14.5% of sales) which was a reduction of 11.2% relative to the first quarter of 2020. Operating loss was ($26.8) million and adjusted operating loss was ($19.1) million ((19.2%) of sales). Adjusted EBITDA was ($11.4) million ((11.5%) of sales).

 

Jon DeGaynor, president and chief executive officer, commented, “In the second quarter, we continued to drive strong execution in response to the global COVID-19 pandemic and further align our resources with the greatest opportunities for the Company. We continued to invest the necessary capital and resources to ensure the successful launch of our strong backlog of new business and continue to build upon the technologies and platforms that will support future growth while reducing structural costs. Due to the cost reduction actions taken in the beginning of the second quarter, as well as our continued focus on operational improvement and working capital management, we were able to outperform our previously outlined expectations for cash flow in the quarter. Our decremental contribution margins on significantly reduced revenue were in line with our expectations at approximately 30% as we continued to focus on operational improvement and reduced costs in our facilities.”

 

DeGaynor continued, “In the second quarter, we took several steps forward in our continued commercialization of MirrorEye®. We have expanded our fleet evaluations and completed additional installations at two of our evaluation partners, with another expected by the end of the third quarter. These three partners operate approximately 6,000 vehicles on the road today. Additionally, we are announcing our partnership with Daimler Trucks North America to provide vehicles pre-wired for MirrorEye retrofit systems, with orders expected to begin in the third quarter.”

 


The following information was filed by Stoneridge Inc (SRI) on Wednesday, July 29, 2020 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
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Condensed Consolidated Statements Of Cash Flows
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Condensed Consolidated Statements Of Comprehensive (Loss) Income (Parenthetical)
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Debt
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Debt (Tables)
Disposal Of Non-Core Products
Disposal Of Non-Core Products (Disposal Of Non-Core Products) (Details)
Earnings Per Share
Earnings Per Share (Narrative) (Details)
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Earnings Per Share (Weighted Average Shares Outstanding Used In Calculating Basic And Diluted Net Income Per Share) (Details)
Equity And Accumulated Other Comprehensive Loss
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Equity And Accumulated Other Comprehensive Loss (Common Share Repurchase) (Details)
Equity And Accumulated Other Comprehensive Loss (Tables)
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Financial Instruments And Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details)
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Ticker: SRI
CIK: 1043337
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-011918
Submitted to the SEC: Wed Oct 28 2020 5:26:08 PM EST
Accepted by the SEC: Wed Oct 28 2020
Period: Wednesday, September 30, 2020
Industry: Motor Vehicle Parts And Accessories

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