Welcome to our dedicated page for Stoneridge news (Ticker: SRI), a resource for investors and traders seeking the latest updates and insights on Stoneridge stock.
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.
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Stoneridge, Inc. (NYSE: SRI) announced that it will host a webcast for its first-quarter 2023 earnings conference call on May 4, 2023, at 9:00 a.m. ET. The call will feature insights from CEO Jim Zizelman and CFO Matt Horvath. Stakeholders can access the webcast via the Company’s Investors section on their website. Stoneridge is based in Novi, Michigan, and specializes in designing and manufacturing advanced electrical and electronic systems for various vehicle markets, including automotive, commercial, and agricultural sectors.
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.