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Mar 31, 2022
Stoneridge Q1 2022 Earnings Report
Stoneridge reported first-quarter 2022 results, driven primarily by favorable impact of pricing actions and material cost recovery efforts and supply chain initiatives.
Key Takeaways
Stoneridge reported first-quarter results with sales of $221.1 million and a loss per share of ($0.28). Adjusted sales were $196.6 million and adjusted EPS was ($0.27). Performance was driven by negotiated price increases offsetting approximately 90% of incremental material costs.
Financial performance exceeded previously outlined expectations despite macroeconomic challenges and supply chain disruptions.
Negotiated price increases offset approximately 90% of the incremental material costs during the quarter.
MirrorEye platform expanded with ongoing ramp-up of first OEM program in Europe, with take rates remaining strong.
Retrofit market continues to expand with some of the largest fleets in North America, including Maverick and Schneider.
Revenue by Segment
Forward Guidance
The company is maintaining full-year 2022 revenue and adjusted EPS guidance. Adjusted gross, operating, and EBITDA margin expectations are raised by 25 basis points. Full-year tax expense guidance was updated to $4.5 million to $6.5 million.
Positive Outlook
- Pricing and supply chain actions taken in the first quarter will provide a strong foundation to drive significantly improved financial performance in 2022.
- Continued strong demand is expected, particularly in the second half of the year.
- New programs continue to ramp up and expand.
- Supply chains continue to stabilize.
- Adjusted gross, operating and EBITDA margin expectations increased.
Challenges Ahead
- Material availability continues to create potential for volatility in production schedules.
- Global logistics dynamics continue to create the potential for volatility in production schedules.
- Offsetting incremental tax expenses are expected based on forecasted geographic mix of earnings.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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