Stoneridge (SRI) Tops Q4 EPS by 12c, Revenues Beat; Offers FY21 EPS Guidance Below Consensus, FY21 Revenue Guidance Above Consensus

Stoneridge (NYSE: SRI) reported Q4 EPS of $0.14, $0.12 better than the analyst estimate of $0.02. Revenue for the quarter came in at $189.7 million versus the consensus estimate of $171.73 million.

Fourth-Quarter 2020 Results

• Earnings per diluted share ("EPS") of $0.13
• Adjusted EPS of $0.14
• Sales of $189.7 million
• Gross profit of $49.6 million
• Adjusted gross profit of $50.0 million (26.4% of sales)
• Operating income of $5.7 million
• Adjusted operating income of $7.0 million (3.7% of sales)
• Adjusted EBITDA of $16.2 million (8.6% of sales)

Jon DeGaynor, president and chief executive officer, commented, "As a company, despite the obvious external challenges, we delivered strong financial performance in 2020 by adapting our cost structure to current market conditions and managing our cash position throughout the year. By continuing to focus on reducing material costs and the efficient ramp-up of production facilities as volumes increased, we were able to capture strong incremental margins in the second half of the year, which has created good momentum as we head into 2021. Furthermore, the transformation of the company continued in 2020 as we focused on rationalizing our product portfolio and optimizing our manufacturing footprint to drive long-term profitable growth. MirrorEye® continued to progress throughout the year as we expanded retrofit programs, announced pre-wire availability with Daimler Trucks North America in the third quarter and prepared for the launches of our first OEM programs in 2021. Finally, we continued to invest the necessary capital and resources to ensure the successful launch of our strong backlog1 of new business and continue to build upon the technologies and platforms that will support future growth."

GUIDANCE:

Stoneridge sees FY2021 EPS of $0.60-$0.75, versus the consensus of $0.86. Stoneridge sees FY2021 revenue of $770-790 million, versus the consensus of $714.52 million.

• Adjusted EPS of $0.60 - $0.75 including the expected adverse impact of global supply chain disruptions and unfavorable forecasted currency rates totaling approximately ($0.13) in 2021
• Sales of $770.0 - $790.0 million
• Adjusted gross margin of 25.75% - 26.75%
• Adjusted operating margin of 3.5% - 4.25%
• Adjusted EBITDA margin of 8.0% - 8.75%
• Effective tax rate of 22.5% - 27.5%

For earnings history and earnings-related data on Stoneridge (SRI) click here.

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