Stoneridge (SRI) Tops Q1 EPS by 9c, Offers FY Guidance

Stoneridge (NYSE: SRI) reported Q1 EPS of $0.06, $0.09 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $193.8 million versus the consensus estimate of $176.82 million.

GUIDANCE:

Stoneridge sees FY2021 EPS of $0.47-$0.62, versus the consensus of $0.65.

• Bob Krakowiak, chief financial officer, commented, "We are maintaining our previously provided revenue guidance primarily due to first quarter outperformance and our expectation that our product portfolio will continue to outperform the underlying market, offsetting full-year forecasted production headwinds. Additionally, due to expected externalities and forecasted unfavorable product mix, partially offset by outperformance in the first quarter, we are reducing our full-year adjusted EPS guidance by $0.13 to a mid-point of $0.55. This results in full-year adjusted EPS guidance of $0.47 to $0.62."
• Further, the Company announced updated full-year adjusted gross margin guidance of 25.25% - 26.25%, adjusted operating margin guidance of 3.0% - 3.75% and adjusted EBITDA margin guidance of 7.5% - 8.25% primarily related to incremental supply chain related costs and other externalities, including currency exchange rates. The Company maintained the guided effective tax rate of 22.5% - 27.5%.

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

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