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Stoneridge Inc (SRI) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

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-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 (Loss) Income
Condensed Consolidated Statements Of Comprehensive (Loss) Income (Parenthetical)
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Shareholders' Equity
Basis Of Presentation
Basis Of Presentation (Narrative) (Details)
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)
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)
Disposal Of Particulate Matter Sensor Business
Disposal Of Particulate Matter Sensor Business (Disposal Of Non-Core Products) (Details)
Earnings Per Share
Earnings Per Share (Narrative) (Details)
Earnings Per Share (Tables)
Earnings Per Share (Weighted Average Shares Outstanding Used In Calculating Basic And Diluted Net Income Per Share) (Details)
Equity And Accumulated Other Comprehensive Loss
Equity And Accumulated Other Comprehensive Loss (Changes In Accumulated Other Comprehensive Loss By Component) (Details)
Equity And Accumulated Other Comprehensive Loss (Tables)
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 (Narrative) (Details)
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Inventories (Narrative) (Details)
Inventories (Schedule Of Inventories) (Details)
Inventories (Tables)
Investments
Investments (Narrative) (Details)
Leases
Leases - Narrative (Details)
Recently Issued Accounting Standards
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Segment Reporting (Schedule Of Segment Reporting Information, By Segment) (Details)
Segment Reporting (Tables)
Share-Based Compensation
Share-Based Compensation (Narrative) (Details)
Summary Of Significant Accounting Policies Equity And Accumulated Other Comprehensive Loss Common Share Repurchase (Details)
Ticker: SRI
CIK: 1043337
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-005118
Submitted to the SEC: Wed Apr 28 2021 5:26:03 PM EST
Accepted by the SEC: Wed Apr 28 2021
Period: Wednesday, March 31, 2021
Industry: Motor Vehicle Parts And Accessories

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