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.
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.
Stoneridge, Inc. (NYSE: SRI) will host a webcast of its third-quarter 2022 earnings conference call on November 3, 2022, at 9:00 a.m. ET. The call will feature President and CEO Jon DeGaynor and CFO Matt Horvath. Investors can access the webcast on the Webcasts & Presentations section of the company's website. Stoneridge specializes in highly engineered electrical and electronic components for the automotive, commercial, off-highway, and agricultural vehicle markets. Further company information is available at www.stoneridge.com.
Stoneridge, Inc. reported second-quarter 2022 sales of $220.9 million, with an adjusted operating loss of $6.5 million and a loss per share of $0.27. Gross profit was $38.6 million, representing 18.7% of adjusted sales. The company reduced its full-year revenue guidance by $15 million to a midpoint of $865 million due to slower customer production despite strong demand. Adjusted EPS guidance was revised to a midpoint of ($0.20). Foreign currency impacts negatively affected earnings by $0.06 per share. The OEM MirrorEye® program shows promise with expected take rates exceeding 50% in 2023.
Stoneridge, Inc. (NYSE: SRI) will present at the J.P. Morgan Auto Conference in New York City on August 9, 2022, at 11:50 a.m. ET. The presentation will be made by Jon DeGaynor, president and CEO, along with CFO Matt Horvath. Interested parties can join the presentation via webcast, with details available on the Company's website under the Investors/Webcasts & Presentations section. Stoneridge is known for its innovative electrical and electronic components utilized in various vehicle markets.