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Dec 31, 2023
Stoneridge Q4 2023 Earnings Report
Stoneridge reported fourth quarter results, achieving sequential EPS improvement and establishing 2024 revenue guidance.
Key Takeaways
Stoneridge, Inc. reported Q4 2023 sales of $229.5 million and EPS of $0.11. Adjusted sales were $229.4 million and adjusted EPS was $0.12. The company issued full-year 2024 sales guidance of $990 million to $1,010 million.
Delivered on previously provided EPS expectations with sequential improvement from Q3.
Faced macroeconomic headwinds related to the UAW strike and slower EV penetration.
Executed new program launches and ramped up recently launched programs.
Focused on efficient cash generation and reducing inventory.
Revenue by Segment
Forward Guidance
The Company is issuing guidance ranges for its full-year 2024 performance including sales guidance of $990 million to $1,010 million, gross margin guidance of 22.0% to 22.75%, operating margin guidance of 2.75% to 3.25%, earnings per share guidance of $0.30 to $0.40 and EBITDA guidance of $64 million to $70 million, or 6.5% to 6.9% of sales.
Positive Outlook
- Midpoint revenue guidance of $1 billion results in approximately 4% growth relative to 2023.
- Expect continued strong growth primarily due to the launch of MirrorEye with Peterbilt in North America and with Volvo in Europe mid-year.
- Expect that our Smart 2 tachograph platform will continue to grow in both OEM and aftermarket applications as regulations continue to drive adoption in Europe.
- Expect strong contribution margins on our growth as we continue to focus on operational improvement and material cost reduction actions to drive gross margin expansion.
- Driven primarily by our expected revenue growth, focus on gross margin improvement and leveraging our global footprint to maximize our capabilities and output, we expect EBITDA margin expansion of 150 to 190 basis points relative to 2023 resulting in EBITDA of $64 million to $70 million in 2024.
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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