Earnings ·
Stoneridge reports Q3 adjusted sales of $180.0 million, raises full-year revenue guidance to $690M-$700M
SRIStoneridge Inc
Stoneridge reported a third-quarter net loss of $22.9 million ($0.81 per diluted share), adversely impacted by a $24.2 million pre-tax charge for an adverse arbitration ruling regarding legacy PM sensor warranty claims. On an adjusted basis, the company posted net income of $1.6 million ($0.06 per diluted share) and adjusted EBITDA of $7.3 million, reflecting 29.9% revenue growth to $180.0 million driven by strong performance in North America, Europe, and Brazil. Management raised its full-year adjusted revenue guidance to a range of $690 million to $700 million from the previous $645 million to $670 million, citing improved market demand and product momentum, though it maintained the bottom end of its prior adjusted EBITDA range due to inflationary pressures. Stoneridge is a global supplier of electronic systems and technologies for on- and off-highway transportation sectors.