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Stoneridge Inc (SRI) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Stoneridge Inc

CIK: 1043337 Ticker: SRI

Exhibit 99.1

 

FOR IMMEDIATE RELEASE  

 

Stoneridge Reports Strong Fourth-Quarter and Full-Year 2020 Results

 

2021 REVENUE GUIDANCE OF $770 - $790 MILLION

2021 - 2025 REVENUE CAGR OF 10%+ (~5 TIMES MARKET GROWTH)

 

Fourth-Quarter 2020 Results

 

·Earnings per diluted share (“EPS”) of $0.13
·Adjusted EPS of $0.14
·Sales of $189.7 million
·Gross profit of $49.6 million
·Adjusted gross profit of $50.0 million (26.4% of sales)
·Operating income of $5.7 million
·Adjusted operating income of $7.0 million (3.7% of sales)
·Adjusted EBITDA of $16.2 million (8.6% of sales)

 

Full-Year 2020 Results

 

·Loss per share of ($0.29)
·Adjusted loss per share of ($0.03)
·Sales of $648.0 million
·Gross profit of $154.2 million
·Adjusted gross profit of $158.1 million (24.4% of sales)
·Operating loss of ($7.7) million
·Adjusted operating income of $2.1 million (0.3% of sales)
·Adjusted EBITDA of $37.9 million (5.8% of sales)

 

2021 Guidance

 

·Adjusted EPS of $0.60 - $0.75 including the expected adverse impact of global supply chain disruptions and unfavorable forecasted currency rates totaling approximately ($0.13) in 2021
·Sales of $770.0 - $790.0 million
·Adjusted gross margin of 25.75% - 26.75%
·Adjusted operating margin of 3.5% - 4.25%
·Adjusted EBITDA margin of 8.0% - 8.75%
·Effective tax rate of 22.5% - 27.5%

 

NOVI, Mich. – February 24, 2021 – Stoneridge, Inc. (NYSE: SRI) today announced financial results for the fourth quarter and full-year ended December 31, 2020, with fourth quarter sales of $189.7 million and EPS of $0.13 and full-year sales of $648.0 million and loss per share of ($0.29). Adjusted EPS was $0.14 for the fourth quarter ended December 31, 2020 and adjusted loss per share was ($0.03) for the full-year 2020. The exhibits attached hereto provide reconciliation detail on the normalizing adjustments.

 

For the fourth quarter ended December 31, 2020, Stoneridge reported gross profit of $49.6 million and adjusted gross profit of $50.0 million (26.4% of sales). Fourth quarter 2020 operating income was $5.7 million and adjusted operating income was $7.0 million (3.7% of sales). Fourth quarter 2020 adjusted EBITDA was $16.2 million (8.6% of sales).

 

For the full-year ended December 31, 2020, Stoneridge reported gross profit of $154.2 million and adjusted gross profit of $158.1 million (24.4% of sales). 2020 operating loss was ($7.7) million and adjusted operating income was $2.1 million (0.3% of sales). 2020 adjusted EBITDA was $37.9 million (5.8% of sales).

 

Jon DeGaynor, president and chief executive officer, commented, “As a company, despite the obvious external challenges, we delivered strong financial performance in 2020 by adapting our cost structure to current market conditions and managing our cash position throughout the year. By continuing to focus on reducing material costs and the efficient ramp-up of production facilities as volumes increased, we were able to capture strong incremental margins in the second half of the year, which has created good momentum as we head into 2021. Furthermore, the transformation of the company continued in 2020 as we focused on rationalizing our product portfolio and optimizing our manufacturing footprint to drive long-term profitable growth. MirrorEye® continued to progress throughout the year as we expanded retrofit programs, announced pre-wire availability with Daimler Trucks North America in the third quarter and prepared for the launches of our first OEM programs in 2021. Finally, we continued to invest the necessary capital and resources to ensure the successful launch of our strong backlog1 of new business and continue to build upon the technologies and platforms that will support future growth.”

 


The following information was filed by Stoneridge Inc (SRI) on Wednesday, February 24, 2021 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
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (Loss) Income
Consolidated Statements Of Comprehensive (Loss) Income (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Business Realignment And Restructuring
Business Realignment And Restructuring (Narrative) (Details)
Business Realignment And Restructuring (Schedule Of Restructuring And Related Costs) (Details)
Business Realignment And Restructuring (Tables)
Business Realignment And Restructurings Realignment Charges Classified By Statement Of Operations) (Details)
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)
Headquarter Relocation And Consolidation
Headquarter Relocation And Consolidation (Narrative) (Details)
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 - Future Minimum Lease Payment Receivables (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
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)
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 (Disposal Of Non-Core Products) (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 (Recently Adopted Accounting Standards) (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)
Summary Of Significant Accounting Policies Equity And Accumulated Other Comprehensive Loss Common Share Repurchase (Details)
Unaudited Quarterly Financial Data
Unaudited Quarterly Financial Data (Narrative) (Details)
Unaudited Quarterly Financial Data (Schedule Of Quarterly Financial Information) (Details)
Unaudited Quarterly Financial Data (Tables)
Ticker: SRI
CIK: 1043337
Form Type: 10-K Annual Report
Accession Number: 0001558370-21-001646
Submitted to the SEC: Wed Feb 24 2021 5:30:20 PM EST
Accepted by the SEC: Wed Feb 24 2021
Period: Thursday, December 31, 2020
Industry: Motor Vehicle Parts And Accessories

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