Stoneridge Stock Price, News & Analysis

Stoneridge, Inc. (NYSE: SRI) announced the election of Sheila M. Rutt to its board of directors on March 8, 2023. Rutt, who currently serves as the chief human resources officer at Culligan International, has extensive experience in transforming corporate cultures and aligning talent with business strategies. Her past roles include executive positions at RR Donnelley and Diebold Nixdorf. With Rutt's addition, the board will now consist of 10 members, supporting Stoneridge's ongoing board refreshment plan aimed at accelerating the company's transformation and fostering a performance-based culture.

Stoneridge, Inc. (SRI) announced its 2022 fourth quarter results with sales of $231.2 million and earnings per diluted share (EPS) of $0.01. For 2023, the company established a midpoint revenue guidance of $975 million, reflecting a 16% growth from 2022, alongside an expected EBITDA margin expansion of 210 basis points. The long-term revenue target is set between $1.3 billion and $1.5 billion by 2027. Despite macroeconomic challenges, Stoneridge aims for improved operational efficiencies and significant growth in its MirrorEye technology. The adjusted EPS guidance for 2023 is projected between $(0.10) and $0.10. The company has a $3.6 billion backlog, indicating robust future prospects.

Stoneridge, Inc. (NYSE: SRI) announced a partnership with KLLM Transport Services and Frozen Food Express to implement its MirrorEye® Camera Monitor System (CMS) in their fleets. This initiative aims for 1,000 installations in 2023, enhancing vehicle safety and efficiency. The MirrorEye system replaces traditional mirrors with advanced cameras, improving visibility and reducing blind spots. The system features night vision, automated panning, and optional video recording. This decision reflects KLLM/FFE's commitment to safety and operational efficiency while minimizing carbon emissions. The FMCSA has exempted MirrorEye-equipped trucks from using mirrors, marking a significant innovation in the industry.

Stoneridge, Inc. (NYSE: SRI) announced the election of Carsten J. Reinhardt to its board of directors on February 21, 2023. Reinhardt brings extensive experience from his previous positions as CEO of Voith Turbo, COO of Meritor Inc., and CEO of Detroit Diesel Corporation. His background includes leadership roles in the commercial vehicle sector, making him a significant addition to Stoneridge as it pursues growth. The board size has increased to nine members, aligning with the company's ongoing board refreshment strategy aimed at enhancing talent and accelerating transformation.

Stoneridge, Inc. (NYSE: SRI) announced it will webcast its fourth-quarter 2022 earnings conference call on March 2, 2023, at 9:00 a.m. ET. The call will feature insights from president and CEO Jim Zizelman and CFO Matt Horvath. Investors can access the live webcast on the company's Webcasts & Presentations page. Stoneridge, headquartered in Novi, Michigan, specializes in designing and manufacturing advanced electrical and electronic systems for various vehicle markets.

Stoneridge, Inc. (NYSE: SRI) announced that Jeffrey P. Draime will not seek re-election to the Board of Directors at the upcoming 2023 Annual Meeting. Draime, son of the founder, has contributed to the Board since 2005. Bill Lasky, Chairman of the Board, emphasized Draime's integrity and impact on the Company’s values. The Board is engaging a third-party firm to find a replacement, focusing on aligning expertise with the Company’s long-term strategy and promoting diversity. Lasky expressed confidence in attracting a candidate capable of accelerating the Company’s transformation, while Draime affirmed the Company's strong future and management team.

Stoneridge, Inc. (NYSE: SRI) announces the resignation of President and CEO Jon DeGaynor for personal reasons, effective immediately. Jim Zizelman, previously president of the Control Devices division, has been appointed as the new CEO. Zizelman, who joined Stoneridge in 2020, has extensive experience in engineering and program management from his time at Aptiv. The Board expressed confidence in Zizelman’s leadership abilities to further advance the company's strategic goals. Bill Lasky, chairman of the Board, acknowledged DeGaynor's contributions during his tenure in transforming Stoneridge's global portfolio and aligning it with transportation industry trends.

Stoneridge, Inc. (NYSE: SRI) announced that CEO Jon DeGaynor and CFO Matt Horvath will participate in a fireside chat at the Stephens Annual Investment Conference at 4:00 p.m. ET on November 15, 2022. Interested participants can access the webcast through the Investors/Webcasts & Presentations section of their website. Additionally, Stoneridge will demonstrate the safety features of its MirrorEye system in an equipped truck.

Stoneridge, Inc. (NYSE: SRI) reported third-quarter 2022 sales of $226.8 million, an increase from previous periods. Adjusted sales reached $214.0 million, reflecting a 4.0% sequential growth. Gross profit improved to $49.4 million, representing 23.1% of adjusted sales. Despite challenges, the company expects continued growth in Q4, projecting adjusted revenue between $234 – $244 million. Adjusted EPS guidance for the year was decreased to a range of ($0.32) to ($0.26). The firm anticipates ongoing revenue growth driven by program launches and improved material availability.