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Jun 30, 2023
Stoneridge Q2 2023 Earnings Report
Reported second quarter results with sales of $266.8 million and a loss per share of $(0.11).
Key Takeaways
Stoneridge reported strong second-quarter results, exceeding expectations with sales of $266.8 million and adjusted sales of $262.4 million. The company drove significant margin improvement, with adjusted gross margin improving by 470 basis points and adjusted operating margin improving by 390 basis points relative to the first quarter. The company is guiding to the high end of previously provided adjusted sales, adjusted gross margin and adjusted operating margin ranges.
Sales of $266.8 million.
Adjusted sales of $262.4 million.
Gross profit of $60.5 million.
Adjusted gross profit of $60.9 million, representing 23.2% of adjusted sales.
Revenue by Segment
Forward Guidance
The Company is expecting operating performance to be at the high end of the previously guided ranges for adjusted sales, adjusted gross margin and adjusted operating margin. The Company reaffirmed full-year adjusted earnings per share guidance of $(0.10) to $0.10, adjusted EBITDA guidance of $50.9 million to $58.4 million, or 5.3% - 5.9%, of adjusted sales and adjusted tax expense guidance of $3.0 million - $4.0 million.
Positive Outlook
- Expecting operating performance to be at the high end of the previously guided ranges for adjusted sales of $960.0 million to $990.0 million.
- Expecting operating performance to be at the high end of the previously guided ranges for adjusted gross margin guidance of 20.5% to 21.25%.
- Expecting operating performance to be at the high end of the previously guided ranges for adjusted operating margin guidance of 1.5% to 2.25%.
- Reaffirming full-year adjusted earnings per share guidance of $(0.10) to $0.10.
- Reaffirming adjusted EBITDA guidance of $50.9 million to $58.4 million, or 5.3% - 5.9%, of adjusted sales.
Challenges Ahead
- Year-to-date non-operating expenses of $4.0 million or $0.12 adjusted EPS.
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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