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Dec 31, 2019
Stoneridge Q4 2019 Earnings Report
Stoneridge reported full-year results, announced additional OEM MirrorEye awards, and authorized additional share repurchase.
Key Takeaways
Stoneridge announced full-year 2019 results, with sales of $834.3 million and EPS of $2.13. Adjusted sales were $830.1 million and adjusted EPS was $1.47. The company also announced two additional OEM MirrorEye awards with $50 million peak annual revenue and an additional $50 million share repurchase authorization.
Experienced a challenging fourth quarter primarily due to non-recurring events.
Accelerated transformation by rationalizing product portfolio and optimizing manufacturing footprint.
Invested in significant new programs to drive long-term profitable growth.
Awarded three additional MirrorEye OEM programs, including the largest single program in Company history.
Forward Guidance
The Company announced 2020 sales guidance of $750.0 - $770.0 million.
Positive Outlook
- Expecting reduced 2020 revenue relative to 2019 excluding the impact of divested product lines, with midpoint revenue guidance of $760.0 million driven primarily by reduced end market production forecasts and the continued ramp-down of our legacy shift-by-wire programs.
- Included a modest amount of MirrorEye retrofit revenue in guidance and will continue to evaluate assumptions as the year progresses.
- 2020 revenue guidance considers the fact that divested product lines contributed approximately $37.4 million to sales in 2019.
- Expect that the impact of new program launches will drive significant growth in 2021 and have updated our 2021 targeted revenue to reflect a growth rate of approximately 12% relative to 2020 guidance.
- Expecting $8 to $12 million of incremental operational improvements
Challenges Ahead
- Expecting reduced 2020 revenue relative to 2019 excluding the impact of divested product lines, with midpoint revenue guidance of $760.0 million driven primarily by reduced end market production forecasts and the continued ramp-down of our legacy shift-by-wire programs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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