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Jun 30, 2021
Stoneridge Q2 2021 Earnings Report
Reported strong revenue performance, but overall performance was significantly impacted by continued global supply chain disruptions.
Key Takeaways
Stoneridge reported sales of $191.3 million and EPS of $0.72 for the second quarter of 2021. Adjusted EPS was ($0.14). The company experienced significant challenges due to global supply chain disruptions, which negatively impacted operating income.
Sales were $191.3 million.
Earnings per diluted share was $0.72.
Adjusted EPS was ($0.14), considering normalizing adjustments.
The company is focused on driving future growth through the expansion of MirrorEye® and other key business awards.
Revenue by Segment
Forward Guidance
The company is guiding to the high-end of its previously provided revenue guidance, but reducing full-year adjusted EPS guidance to a midpoint of $0.25 due to continued global supply chain disruptions and the resulting unusual tax expense.
Positive Outlook
- Current production forecasts suggest 10% production growth in our weighted average end-markets in 2022.
- We expect to continue to outperform our end-markets based on our new program launches.
- We remain well positioned to take advantage of forecasted strong production growth as supply chains normalize going-forward.
Challenges Ahead
- Gross margin suffered during the quarter primarily as a result of the unfavorable impact of the continued global supply chain disruptions.
- Increased material and logistics costs and labor inefficiencies reduced quarterly adjusted EPS performance by $0.07.
- We experienced a significant shift in the geographic mix of earnings and expenses relative to our prior expectations which resulted in an increased tax expense for the quarter.
- The increased tax expense reduced quarterly adjusted EPS performance by $0.06.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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