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Sep 30, 2023
Stoneridge Q3 2023 Earnings Report
Stoneridge reported strong third-quarter results driven by continued margin expansion and strong operating performance.
Key Takeaways
Stoneridge reported sales of $238.2 million and earnings per share of $0.08 for the third quarter of 2023. Adjusted sales were $237.2 million and adjusted EPS was $0.10. The company's performance was driven by continued material cost improvement and operating cost control.
Sales of $238.2 million were reported.
Earnings per share (EPS) reached $0.08.
Adjusted earnings per share was $0.10.
The Smart 2 Tachograph program is expected to generate approximately $20 million in revenue in 2023 and more than $60 million in revenue in 2024.
Revenue by Segment
Forward Guidance
The company is providing preliminary 2024 guidance for at least 5% revenue growth, which outpaces weighted-average end-markets by at least 6.5%.
Positive Outlook
- Continued strong growth next year.
- Growth will be driven by the continued ramp-up and expansion of our current North American and European MirrorEye programs.
- Launch of our next and largest MirrorEye program in Europe
- Significant continued ramp-up of our Smart 2 tachograph program in Europe.
- Stoneridge remains well positioned to continue to outperform our underlying markets and drive margin expansion resulting in long-term shareholder value creation.
Challenges Ahead
- Some top-line headwinds related to the UAW strike in the fourth quarter.
- Expecting continued EPS expansion in the fourth quarter.
- Refining full-year 2023 guidance to reflect expectation of continued strong margin performance.
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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