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Sep 30, 2021
Stoneridge Q3 2021 Earnings Report
Reported third-quarter results significantly impacted by continued global supply chain disruptions and resulting production volatility.
Key Takeaways
Stoneridge reported third-quarter results with sales of $181.7 million and a loss per share of ($0.38). Adjusted EPS was ($0.27). The financial performance was negatively impacted by external factors, including reduced and volatile production schedules at OEM customers, material availability, and incremental supply chain-related costs.
Financial performance in the quarter was negatively impacted by external factors including reduced and volatile production schedules at our OEM customers, material availability and incremental supply chain-related costs.
Revenue performance continued to outperform end-markets, declining by 5.6%.
Actions mitigated a larger portion of these incremental costs than in the prior quarter and positioned us to continue to offset these costs moving forward.
Momentum continues to build in both our OEM and retrofit MirrorEye® channels.
Revenue by Segment
Forward Guidance
We are reducing our full-year 2021 revenue guidance to reflect our current forecasted production outlook for the remainder of the year, based both on IHS and LMC data as well as our current view of forecasted customer production. Similarly, we are reducing our full-year adjusted EPS guidance to reflect our current expectations for revenue and supply chain-related costs through the end of the year.
Positive Outlook
- Cost reductions actions we have, and continue to implement, will result in similar to favorable net supply chain-related costs in the fourth quarter relative to the third quarter.
Challenges Ahead
- Reducing full-year 2021 revenue guidance to reflect our current forecasted production outlook for the remainder of the year.
- Reducing full-year adjusted EPS guidance to reflect our current expectations for revenue and supply chain-related costs through the end 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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