Stoneridge, Inc. reports developments as a global supplier of electronic systems and technologies for on- and off-highway transportation markets. Company news centers on operating results, program awards, end-market demand, and product activity in vehicle intelligence, safety, security, electronic controls, connectivity, compliance products, and camera-based vision systems.
Recurring updates include sales and production milestones for the MirrorEye® Camera Monitor System, performance trends in the Electronics business, OEM activity in Brazil, earnings conference calls, financial guidance, cost and margin initiatives, and board or executive leadership changes. Coverage also includes governance matters and shareholder voting topics tied to Stoneridge's public-company operations.
Stoneridge reported its second-quarter 2020 financial results, showing a loss per share (EPS) of ($0.81) and adjusted EPS of ($0.55). Sales totaled $99.5 million, with gross profit at $13.3 million, down 11.2% from Q1. Operating loss was ($26.8) million, and adjusted operating loss was ($19.1) million, representing 19.2% of sales. Despite the challenges posed by COVID-19, the company expects Q3 revenue to align with June's $51.5 million, and forecasts a 16% increase in 2021 OEM production levels. Cash and cash equivalents stood at $72.4 million, with total debt at $166.0 million.
Stoneridge, Inc. (NYSE: SRI) will host a live webcast of its second-quarter 2020 earnings conference call on July 30, 2020, at 9:00 a.m. Eastern Time. CEO Jon DeGaynor and CFO Robert Krakowiak will lead the discussion. Investors can access the webcast through the Webcasts & Presentations page on Stoneridge's official website. The company is based in Novi, Michigan, and specializes in designing and manufacturing electrical and electronic components for various vehicle markets.