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Jun 30, 2022
Stoneridge Q2 2022 Earnings Report
Reported sales of $220.9 million and a loss per share of ($0.27). Adjusted sales were $205.7 million and adjusted EPS was ($0.29).
Key Takeaways
Stoneridge reported second-quarter results with sales of $220.9 million and a loss per share of ($0.27). Adjusted sales were $205.7 million and adjusted EPS was ($0.29). The company is adapting to volatile production schedules, limited material availability, and rising material costs.
Team continued to adapt to volatile production schedules, limited material availability and continued rising material costs.
Offset approximately 90% of these incremental costs incurred year-to-date through price increases and cost recovery actions.
Performance was negatively impacted by foreign currency exchange rate movements during the quarter resulting in an adjusted EPS headwind of $0.06.
Expect that the actions we have taken, and will continue to take, will result in strong run-rate financial performance as our end-markets and supply chains continue to recover.
Revenue by Segment
Forward Guidance
The company reduced the midpoint of the 2022 adjusted revenue guidance by $15 million to $865 million to reflect updated second half expectations. This results in a reduction to adjusted EPS of approximately $0.11 based on our expected contribution margin of 25% to 30%. Full-year tax expense guidance was updated to $5.5 million to $6.5 million. Adjusted EPS guidance was updated to ($0.25) – ($0.15).
Positive Outlook
- The pricing and supply chain actions taken in the first half of the year continue to provide relief on incremental material costs.
- Continued focus on reducing operating expenses and aligning our cost structure with current market conditions.
Challenges Ahead
- Customer production forecasts have not recovered as quickly as we expected despite continued strong end-market demand.
- Reducing the midpoint of our 2022 adjusted revenue guidance by $15 million to $865 million to reflect updated second half expectations.
- This results in a reduction to adjusted EPS of approximately $0.11 based on our expected contribution margin of 25% to 30%.
- Expect incremental interest and tax expense to reduce adjusted EPS by approximately $0.05 for the remainder of the year.
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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