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Jun 30, 2024
Stoneridge Q2 2024 Earnings Report
Stoneridge's Q2 2024 performance significantly outperformed expectations due to strong margin expansion.
Key Takeaways
Stoneridge reported strong second-quarter results, driven by improved margins and operational excellence. The company saw sales of $237.1 million and EPS of $0.10, with adjusted EPS at $0.17. Gross profit reached $53.7 million, and operating income was $3.4 million.
Sales reached $237.1 million.
Gross profit was $53.7 million, representing 22.7% of sales.
Operating income amounted to $3.4 million.
Earnings per share (EPS) stood at $0.10, with adjusted EPS at $0.17.
Revenue by Segment
Forward Guidance
Stoneridge is updating its full-year 2024 guidance ranges including sales guidance of $940 million to $970 million, gross margin guidance of 22.75% to 23.0%, adjusted operating margin guidance of approximately 2.75%, adjusted earnings per share guidance of $0.18 to $0.28 and adjusted EBITDA guidance of $58 million to $64 million, or 6.2% to 6.6% of sales.
Positive Outlook
- Continued reduction in material costs
- Continued focus on operational excellence
- Full-year gross margin expectations increased by 50 basis points
- Expecting improved gross margin and operating cost control to significantly offset the decremental impact of reduced revenue.
- Adjusted EBITDA margin midpoint guidance reduced by 30 basis points, or $61 million of adjusted EBITDA.
Challenges Ahead
- Reducing full-year 2024 revenue midpoint guidance by $45 million
- Updated FX rates (~$12 million impact)
- Updated OEM production volumes (~$18 million impact)
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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