Stoneridge Reports Fourth Quarter and Full-Year 2024 Results

PR Newswire

Feb 27

Net Cash Provided by Operating Activities Improvement of ~$43 Million Year-Over-Year Driven by Inventory Reduction of ~$36 Million Establishes 2025 Midpoint Revenue Guidance of $875 Million and EBITDA...

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One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2514895177"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2514895177\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2514895177?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-02-27 05:54","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2514895177","market":"us","top_or_hot":-1,"title":"Stoneridge Reports Fourth Quarter and Full-Year 2024 Results","media":"PR Newswire","content":"<div>\n<p>Net Cash Provided by Operating Activities Improvement of ~$43 Million Year-Over-Year Driven by Inventory Reduction of ~$36 Million\nEstablishes 2025 Midpoint Revenue Guidance of $875 Million and EBITDA...</p>\n\n<a href=\"https://finance.yahoo.com/news/stoneridge-reports-fourth-quarter-full-215400737.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStoneridge Reports Fourth Quarter and Full-Year 2024 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-02-27 05:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/stoneridge-reports-fourth-quarter-full-215400737.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Net Cash Provided by Operating Activities Improvement of ~$43 Million Year-Over-Year Driven by Inventory Reduction of ~$36 Million\nEstablishes 2025 Midpoint Revenue Guidance of $875 Million and EBITDA...</p>\n\n<a href=\"https://finance.yahoo.com/news/stoneridge-reports-fourth-quarter-full-215400737.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE0031619046.USD","symbol_name":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) INC","start_time":0,"source_url":"https://finance.yahoo.com/news/stoneridge-reports-fourth-quarter-full-215400737.html","article_id":"2514895177","we_media_id":null,"thumbnails":[],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/stoneridge-reports-fourth-quarter-full-215400737.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2514895177","pubTimestamp":1740606840,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Net Cash Provided by Operating Activities Improvement of ~$43 Million Year-Over-Year Driven by Inventory Reduction of ~$36 Million. Establishes 2025 Midpoint Revenue Guidance of $875 Million and EBITDA Guidance of $40 MillionEstablishes 2026 Revenue Target of at Least $975 Million and EBITDA Target of at Least $70 Million. MirrorEye expected to contribute $50+ million incremental revenue in 2025. NOVI, Mich., Feb. 26, 2025 /PRNewswire/ -- Stoneridge, Inc. today announced financial results for the fourth quarter and full-year ended December31, 2024.Jim Zizelman, president and chief executive officer, commented, \"In 2024, our focus remained on improving the fundamentals of our business to offset the continued pressure across all of our major end markets. Stoneridge specific growth drivers, including MirrorEye and the Smart 2 tachograph, grew significantly this year, offsetting a portion of the market headwinds to drive market outperformance of 490 basis points. We continued to focus on t","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE0031619046.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) INC","BK4124":"机动车零配件与设备","IE00B7SZL793.SGD":"Legg Mason Royce - US Small Cap Opportunity A Acc SGD-H","IE00B19Z4B17.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) ACC","IE00B66KJ199.SGD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY  \" A\" (SGD) ACC","SRI":"Stoneridge Inc"},"translate_title":"Stoneridge报告2024年第四季度和全年业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SRI":1},"content_text":"Net Cash Provided by Operating Activities Improvement of ~$43 Million Year-Over-Year Driven by Inventory Reduction of ~$36 Million\nEstablishes 2025 Midpoint Revenue Guidance of $875 Million and EBITDA Guidance of $40 MillionEstablishes 2026 Revenue Target of at Least $975 Million and EBITDA Target of at Least $70 Million\n2024 Fourth Quarter Results\n\nSales of $218.2 million\nGross profit of $42.7 million (19.5% of sales)\nAdjusted gross profit of $43.1 million (19.7% of sales)\nOperating loss of $(4.4) million ((2.0)% of sales)\nAdjusted operating loss of $(4.0) million ((1.8)% of sales)\nNet loss of $(6.1) million ((2.8)% of sales)\nAdjusted net loss of $(5.0) million ((2.3)% of sales)\nAdjusted EBITDA of $6.0 million (2.7% of sales)\n\n2025 Full-Year Guidance\n\nRevenue of $860 million - $890 million (midpoint of $875 million)\n   \nMirrorEye® expected to contribute $50+ million incremental revenue in 2025\nCompany's expectation of ~(3.8)% decline in OEM market volume vs. 2024\n\nEBITDA of $38 million to $42 million, or 4.4% to 4.7% of sales (midpoint of $40 million or 4.6% of sales)\n\n2026 Financial Targets\n\n2026 revenue target of at least $975 million\n2026 EBITDA target of at least $70 million, or 7.2% of sales\n\nNOVI, Mich., Feb. 26, 2025 /PRNewswire/ -- Stoneridge, Inc. (NYSE: SRI) today announced financial results for the fourth quarter and full-year ended December 31, 2024. \n\n  \n\nThe Company announced fourth quarter sales of $218.2 million, gross profit of $42.7 million (19.5% of sales) and adjusted gross profit of $43.1 million (19.7% of sales). Operating loss was $(4.4) million ((2.0)% of sales) resulting in adjusted operating loss of $(4.0) million ((1.8)% of sales). Net loss was $(6.1) million and adjusted net loss was $(5.0) million. Loss per share was $(0.22) and adjusted EPS was $(0.18). Adjusted EBITDA was $6.0 million (2.7% of sales).\nThe Company announced full-year sales of $908.3 million, gross profit of $189.3 million (20.8% of sales) and adjusted gross profit of $189.8 million (20.9% of sales). Operating loss was $(0.4) million (0.0% of sales) resulting in adjusted operating income of $2.4 million (0.3% of sales). Net loss was $(16.5) million and adjusted net loss was $(13.1) million. Loss per share was $(0.60) and adjusted EPS was $(0.47). Adjusted EBITDA was $37.9 million (4.2% of sales).\nThe exhibits attached hereto provide reconciliation detail on normalizing adjustments of non-GAAP financial measures used in this press release.\nJim Zizelman, president and chief executive officer, commented, \"In 2024, our focus remained on improving the fundamentals of our business to offset the continued pressure across all of our major end markets. Stoneridge specific growth drivers, including MirrorEye and the Smart 2 tachograph, grew significantly this year, offsetting a portion of the market headwinds to drive market outperformance of 490 basis points. We continued to focus on the execution of our major program launches, material cost reductions, continuous improvement in our manufacturing facilities and structural cost control. Our efforts resulted in a 120-basis point improvement in material costs and a 30-basis point improvement in direct labor costs, or a 7% year-over-year improvement relative to 2023. Our focus on cash and inventory management drove positive free cash flow of approximately $24 million, an increase of approximately $56 million versus the prior year. This was driven primarily by significant improvement in our inventory balances, which declined by $36 million this year, $25 million of which came in the fourth quarter.\" \nZizelman continued, \"While we are proud of our achievements in 2024, we recognize there is still opportunity for significant improvement, especially in quality. Additionally, we are focused on overall cost structure, as evidenced by our recent actions to de-layer certain corporate functions and streamline our operations in manufacturing facilities which reduced costs and is also improving operational efficiency. Quality-related costs, material cost improvement and structural cost reduction remain our key priorities for 2025.\" \nZizelman concluded, \"Finally, we continue to monitor the impacts, if any, related to potential tariffs, particularly related to Mexico. Similar to previously enacted tariffs or other raw material related cost increases over the last several years, we will implement supply chain and customer pricing strategies to mitigate any cost increases that may occur. We will continue to monitor shifts in macroeconomic policies and the potential for impacts on our business to ensure that we act quickly to offset any incremental costs, as we have done historically.\"\nFourth Quarter in Review\nElectronics fourth quarter sales of $149.4 million increased by 1.8% relative to adjusted sales of the fourth quarter of 2023. This was primarily driven by the ramp-up of recently launched programs, including MirrorEye and the Company's next generation tachograph, the Smart 2, as well as higher sales in the European off-highway end market. This was partially offset by lower sales in the European and North American commercial vehicle end markets due to production volume declines. Fourth quarter adjusted operating margin of 3.6% declined by 390 basis points relative to the fourth quarter of 2023, driven by higher D&D, primarily related to a reduction in customer reimbursements, and higher SG&A costs. This was partially offset by lower material and labor costs.\nControl Devices fourth quarter sales of $63.2 million decreased by 16.3% relative to the fourth quarter of 2023. This decrease was primarily due to lower customer production volumes in the North American passenger vehicle end market, as well as the expected wind-down of end-of-life programs and lower sales in China.  Fourth quarter adjusted operating margin of (2.5)% decreased by 380 basis points relative to the fourth quarter of 2023, primarily due to reduced leverage on lower sales, partially offset by lower direct material and labor costs.\nStoneridge Brazil fourth quarter sales of $12.4 million decreased by $1.5 million relative to the fourth quarter of 2023. This decrease was due to unfavorable foreign currency translation of $(2.0) million. Additionally, higher OEM sales during the quarter were partially offset by lower sales in aftermarket products and monitoring service fees. Fourth quarter operating income of $0.1 million decreased by approximately $0.9 million relative to the fourth quarter of 2023, driven by higher material costs due to the adverse impact of U.S. dollar-denominated material purchases and unfavorable sales mix from lower monitoring service fees offset by lower SG&A spending.\nFull-Year in Review\nElectronics full-year sales of $594.7 million were relatively in line with 2023 sales adjusted for spot purchase recoveries. This was primarily driven by the ramp-up of recently launched programs, including MirrorEye and Smart 2, partially offset by lower sales in the European and North American commercial vehicle end markets due to customer production volume declines. Full-year adjusted operating margin of 4.7% declined by 40 basis points relative to 2023, driven by higher operating expenses and increased quality-related costs of approximately $1.2 million, partially offset by lower material and direct labor costs.\nControl Devices full-year sales of $296.3 million decreased by 14.3% relative to 2023. This decrease was primarily due to lower customer production volumes in the North American passenger vehicle end market, as well as the expected wind-down of end-of-life programs. Full-year adjusted operating margin of 2.2% decreased by 170 basis points relative to 2023, primarily due to reduced leverage on lower sales, partially offset by lower direct material and quality-related costs.\nStoneridge Brazil full-year sales of $50.3 million decreased by $7.1 million relative to 2023. This decrease was primarily due to unfavorable foreign currency translation of $(3.8) million as well as lower sales in all our South American end markets driven by continued macroeconomic challenges. Full-year operating income of $1.0 million decreased by approximately $3.0 million relative to 2023, primarily due to reduced fixed cost leverage on lower sales, relatively higher material costs due to the adverse impact of U.S. dollar-denominated material purchases and unfavorable sales mix from lower monitoring service fees, partially offset by lower SG&A costs.\nCash and Debt Balances\nAs of December 31, 2024, Stoneridge had cash and cash equivalents totaling $71.8 million. During 2024, the Company generated $47.7 million in net cash provided by operating activities and $23.8 million in free cash flow, an increase of $42.8 million and $55.5 million, respectively over 2023. This was driven by the Company's continued focus on reducing net working capital, including a $36.4 million reduction in inventory balances.\nFor compliance purposes, adjusted net debt was $147.9 million while adjusted EBITDA for the trailing twelve months was $48.0 million, resulting in an adjusted net debt to trailing twelve-month EBITDA compliance leverage ratio of 3.08x relative to a required leverage ratio of not greater than 3.5x.\nThe Company amended the existing Credit Facility to provide financial covenant relief for the fourth quarter of 2024 and the first three quarters of 2025. This amendment modified the first, second and third quarter leverage ratio maximum to 6.0x, 5.5x and 4.5x, respectively. The interest coverage ratio was waived in the fourth quarter of 2024 and was modified to 2.0x for the first and second quarters of 2025 and 2.5x for the third quarter of 2025. The Company expects to remain compliant with all amended compliance ratios.\nThe Company continues to focus on both operating performance and efficient cash management to improve financial performance and return its leverage profile to more normalized ratios. Based on its 2025 guidance and working capital initiatives, the Company is targeting a compliance net debt to EBITDA leverage ratio of 2.0x to 2.5x by the end of the year, relative to a 3.5x leverage ratio requirement by the end of the year.\n2025 and Future Outlook\nThe Company is issuing guidance ranges for its full-year 2025 performance including sales guidance of $860 million to $890 million, gross margin guidance of 22.0% to 22.5% operating margin guidance of 0.75% to 1.25%, and EBITDA guidance of $38 million to $42 million, or approximately 4.4% to 4.7% of sales. The Company is also issuing guidance for free cash flow in 2025 of $25 million to $30 million.  \nMatt Horvath, chief financial officer, commented, \"We are establishing our full-year 2025 guidance ranges, including midpoint revenue of $875 million to reflect current market expectations and our expectations for Stoneridge specific growth drivers. Overall, we expect OEM volume to decline by approximately 3.8% relative to 2024. We expect continued strong growth in MirrorEye in 2025 driven by the launch of new programs in North America, the ramp-up of recently launched programs and improved take rates on existing programs, resulting in full-year MirrorEye revenue of $120 million or almost double 2024. The growth in MirrorEye will offset the expected roll-off of certain end-of-life programs resulting in a range of expected revenue of $860 million to $890 million for 2025. As Jim outlined previously, we will continue to drive material cost improvement, manage our structural costs, and drive improved quality resulting in expanded margins. As a result, we expect EBITDA of $38 million to $42 million in 2025.\"\nHorvath continued, \"Finally, today we are providing both short-term and long-term revenue and EBITDA targets.  Looking at 2026, our weighted-average end markets are expected to grow by 7.4%. Additionally, we expect continued ramp-up and annualization of our existing OEM MirrorEye programs. Based only on market and MirrorEye related growth, we are targeting at least $975 million of revenue in 2026. We have additional opportunities for growth, including growth in our actuation and sensor programs in Control Devices, growth in our connected trailer activities and growth in our aftermarket businesses, including our off-highway business. Based only on the contribution on growth related to our markets and existing OEM MirrorEye programs, we are targeting 2026 EBITDA of at least $70 million, or 7.2% of sales. Incremental to that contribution-based target would be our continued focus and expectation on improving material costs, direct labor costs and most importantly, quality-related costs. We will provide more detail regarding these opportunities and our 2026 specific guidance as we get closer to the end of this year.\" \nHorvath concluded, \"Similarly, we have updated our long-term targets to reflect continued strong growth expectations in our key product categories to a 2029 revenue target of $1.3 billion to $1.45 billion and EBITDA of $160 million to $200 million implying an EBITDA margin range of 12.3% to 13.8%. We remain focused on building a strong foundation for continued earnings expansion as we capitalize on our impressive portfolio of advanced technologies. Stoneridge remains well positioned to continue to outperform our underlying markets and drive margin expansion resulting in long-term shareholder value creation.\"\nConference Call on the WebA live Internet broadcast of Stoneridge's conference call regarding 2024 fourth quarter results can be accessed at 9:00 a.m. Eastern Time on Thursday, February 27, 2025, at www.stoneridge.com, which will also offer a webcast replay.\nAbout Stoneridge, Inc.Stoneridge, Inc., headquartered in Novi, Michigan, is a global supplier of safe and efficient electronic systems and technologies. Our systems and products power vehicle intelligence, while enabling safety and security for on- and off- highway transportation sectors around the world. Additional information about Stoneridge can be found at www.stoneridge.com. \nForward-Looking StatementsStatements in this press release contain \"forward-looking statements\" under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this report and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) acquisition strategy, (iii) investments and new product development, (iv) growth opportunities related to awarded business, and (v) operational expectations. Forward-looking statements may be identified by the words \"will,\" \"may,\" \"should,\" \"designed to,\" \"believes,\" \"plans,\" \"projects,\" \"intends,\" \"expects,\" \"estimates,\" \"anticipates,\" \"continue,\" and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by these statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors:\n\nthe ability of our suppliers to supply us with parts and components at competitive prices on a timely basis, including the impact of potential tariffs and trade considerations on their operations and output;\nfluctuations in the cost and availability of key materials and components (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and our ability to offset cost increases through negotiated price increases with our customers or other cost reduction actions, as necessary;\nglobal economic trends, competition and geopolitical risks, including impacts from ongoing or potential global conflicts and any related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries;\ntariffs specifically in countries where we have significant manufacturing or supply chain exposure and our ability to either mitigate the impact of tariffs or pass any incremental costs to our customers;\nour ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions;\nthe reduced purchases, loss, financial distress or bankruptcy of a major customer or supplier;\nthe costs and timing of business realignment, facility closures or similar actions;\na significant change in commercial, automotive, off-highway or agricultural vehicle production;\ncompetitive market conditions and resulting effects on sales and pricing;\nforeign currency fluctuations and our ability to manage those impacts;\ncustomer acceptance of new products;\nour ability to successfully launch/produce products for awarded business;\nadverse changes in laws, government regulations or market conditions affecting our products, our suppliers, or our customers' products;\nour ability to protect our intellectual property and successfully defend against assertions made against us;\nliabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions of our customers;\nlabor disruptions at our facilities, or at any of our significant customers or suppliers;\nbusiness disruptions due to natural disasters or other disasters outside of our control;\nthe amount of our indebtedness and the restrictive covenants contained in the agreements governing our indebtedness, including our revolving Credit Facility;\ncapital availability or costs, including changes in interest rates;\nthe failure to achieve the successful integration of any acquired company or business;\nrisks related to a failure of our information technology systems and networks, and risks associated with current and emerging technology threats and damage from computer viruses, unauthorized access, cyber-attack and other similar disruptions; and\nthe items described in Part I, Item IA (\"Risk Factors\") in our Form 10-K filed with the SEC.\n\nThe forward-looking statements contained herein represent our estimates only as of the date of this release and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.\nUse of Non-GAAP Financial Information\nThis press release contains information about the Company's financial results that is not presented in accordance with accounting principles generally accepted in the United States (\"GAAP\"). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this press release. The provision of these non-GAAP financial measures for 2024 and 2023 is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non-GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably predict.\nIn evaluating its business, the Company considers and uses free cash flow and net debt as supplemental measures of its liquidity and the other non-GAAP financial measures as supplemental measures of its operating performance. Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company's financial position and results of operations. In particular, management believes that adjusted sales, adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted loss before tax, adjusted income tax expense (benefit), adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, adjusted debt, adjusted net debt, adjusted cash and free cash flow are useful measures in assessing the Company's financial performance by excluding certain items that are not indicative of the Company's core operating performance or that may obscure trends useful in evaluating the Company's continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company's results of operations and provide improved comparability between fiscal periods.\nAdjusted sales, adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted loss before tax, adjusted income tax expense (benefit), adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, adjusted debt, adjusted net debt, adjusted cash and free cash flow should not be considered in isolation or as a substitute for sales, gross profit, operating income (loss), income (loss) before tax, income tax expense (benefit), net income (loss), EPS, debt, cash and cash equivalents, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP.\n\n\n\n\nCONSOLIDATED BALANCE SHEETS \n\n\n\n\n\nDecember 31, (in thousands) \n\n2024 \n\n2023 \n\n\n\n\n\n\n\n\n\nASSETS \n\n\n\n\n\n\nCurrent assets: \n\n\n\n\n\n\nCash and cash equivalents \n\n$            71,832 \n\n$            40,841 \n\n\nAccounts receivable, less reserves of $1,060 and $1,058, respectively \n\n137,766 \n\n166,545 \n\n\nInventories, net \n\n151,337 \n\n187,758 \n\n\nPrepaid expenses and other current assets \n\n26,579 \n\n34,246 \n\n\nTotal current assets \n\n387,514 \n\n429,390 \n\n\nLong-term assets: \n\n\n\n\n\n\nProperty, plant and equipment, net \n\n97,667 \n\n110,126 \n\n\nIntangible assets, net \n\n39,677 \n\n47,314 \n\n\nGoodwill \n\n33,085 \n\n35,295 \n\n\nOperating lease right-of-use asset \n\n10,050 \n\n10,795 \n\n\nInvestments and other long-term assets, net \n\n53,563 \n\n46,980 \n\n\nTotal long-term assets \n\n234,042 \n\n250,510 \n\n\nTotal assets \n\n$          621,556 \n\n$          679,900 \n\n\n\n\n\n\n\n\n\nLIABILITIES AND SHAREHOLDERS' EQUITY \n\n\n\n\n\n\nCurrent liabilities: \n\n\n\n\n\n\nCurrent portion of debt \n\n$                    — \n\n$              2,113 \n\n\nAccounts payable \n\n83,478 \n\n111,925 \n\n\nAccrued expenses and other current liabilities \n\n66,494 \n\n64,203 \n\n\nTotal current liabilities \n\n149,972 \n\n178,241 \n\n\nLong-term liabilities: \n\n\n\n\n\n\nRevolving credit facility \n\n201,577 \n\n189,346 \n\n\nDeferred income taxes \n\n5,321 \n\n7,224 \n\n\nOperating lease long-term liability \n\n6,484 \n\n7,684 \n\n\nOther long-term liabilities \n\n12,942 \n\n9,688 \n\n\nTotal long-term liabilities \n\n226,324 \n\n213,942 \n\n\nShareholders' equity: \n\n\n\n\n\n\nPreferred Shares, without par value, 5,000 shares authorized, none issued \n\n— \n\n— \n\n\nCommon Shares, without par value, 60,000 shares authorized, 28,966 and 28,966 shares issued and 27,695 and 27,549 shares outstanding at December 31, 2024 and December 31, 2023, respectively, with no stated value \n\n— \n\n— \n\n\nAdditional paid-in capital \n\n225,712 \n\n227,340 \n\n\nCommon Shares held in treasury, 1,271 and 1,417 shares at December 31, 2024 and December 31, 2023, respectively, at cost \n\n(38,424) \n\n(43,344) \n\n\nRetained earnings \n\n179,985 \n\n196,509 \n\n\nAccumulated other comprehensive loss \n\n(122,013) \n\n(92,788) \n\n\nTotal shareholders' equity \n\n245,260 \n\n287,717 \n\n\nTotal liabilities and shareholders' equity \n\n$          621,556 \n\n$          679,900 \n\n\n\n\n\n\n\n\nCONSOLIDATED STATEMENTS OF OPERATIONS \n\n\n\n\n\nYear ended December 31, (in thousands, except per share data) \n\n2024 \n\n2023 \n\n2022 \n\n\n\n\n\n\n\n\n\n\n\nNet sales \n\n$         908,295 \n\n$         975,818 \n\n$         899,923 \n\n\nCosts and expenses: \n\n\n\n\n\n\n\n\nCost of goods sold \n\n719,042 \n\n774,512 \n\n724,997 \n\n\nSelling, general and administrative \n\n117,460 \n\n117,395 \n\n106,695 \n\n\nDesign and development \n\n72,174 \n\n71,075 \n\n65,296 \n\n\nOperating (loss) income \n\n(381) \n\n12,836 \n\n2,935 \n\n\nInterest expense, net \n\n14,447 \n\n13,000 \n\n7,097 \n\n\nEquity in loss of investee \n\n1,292 \n\n522 \n\n823 \n\n\nOther (income) expense, net \n\n(2,523) \n\n1,236 \n\n5,711 \n\n\nLoss before income taxes \n\n(13,597) \n\n(1,922) \n\n(10,696) \n\n\nProvision for income taxes \n\n2,927 \n\n3,261 \n\n3,360 \n\n\nNet loss \n\n$          (16,524) \n\n$            (5,183) \n\n$          (14,056) \n\n\n\n\n\n\n\n\n\n\n\nLoss per share: \n\n\n\n\n\n\n\n\nBasic \n\n$              (0.60) \n\n$              (0.19) \n\n$              (0.52) \n\n\nDiluted \n\n$              (0.60) \n\n$              (0.19) \n\n$              (0.52) \n\n\n\n\n\n\n\n\n\n\n\nWeighted-average shares outstanding: \n\n\n\n\n\n\n\n\nBasic \n\n27,596 \n\n27,443 \n\n27,258 \n\n\nDiluted \n\n27,596 \n\n27,443 \n\n27,258 \n\n\n\n\n\n\n\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS \n\n\n\n\n\nYear ended December 31, (in thousands) \n\n2024 \n\n2023 \n\n2022 \n\n\n\n\n\n\n\n\n\n\n\nOPERATING ACTIVITIES: \n\n\n\n\n\n\n\n\nNet loss \n\n$              (16,524) \n\n$                (5,183) \n\n$              (14,056) \n\n\nAdjustments to reconcile net income to net cash provided by (used for) operating activities: \n\n\n\n\n\n\n\n\nDepreciation \n\n26,140 \n\n26,749 \n\n26,720 \n\n\nAmortization, including accretion and write-off of deferred financing costs  \n\n8,852 \n\n8,132 \n\n8,055 \n\n\nDeferred income taxes \n\n(5,742) \n\n(4,038) \n\n(5,110) \n\n\nLoss of equity method investee \n\n1,292 \n\n522 \n\n823 \n\n\nLoss (gain) on sale of fixed assets \n\n257 \n\n(860) \n\n(241) \n\n\nShare-based compensation expense \n\n4,094 \n\n3,322 \n\n5,942 \n\n\nExcess tax deficiency related to share-based compensation expense \n\n248 \n\n230 \n\n543 \n\n\nChanges in operating assets and liabilities: \n\n\n\n\n\n\n\n\nAccounts receivable, net \n\n20,170 \n\n(5,854) \n\n(13,161) \n\n\nInventories, net \n\n26,904 \n\n(31,563) \n\n(20,127) \n\n\nPrepaid expenses and other assets \n\n877 \n\n16,625 \n\n(5,159) \n\n\nAccounts payable \n\n(24,624) \n\n1,090 \n\n18,489 \n\n\nAccrued expenses and other liabilities \n\n5,804 \n\n(4,226) \n\n4,088 \n\n\nNet cash provided by operating activities \n\n47,748 \n\n4,946 \n\n6,806 \n\n\n\n\n\n\n\n\n\n\n\nINVESTING ACTIVITIES: \n\n\n\n\n\n\n\n\nCapital expenditures, including intangibles \n\n(24,303) \n\n(38,498) \n\n(31,609) \n\n\nProceeds from sale of fixed assets \n\n385 \n\n1,869 \n\n158 \n\n\nProceeds from settlement of net investment hedges \n\n— \n\n— \n\n3,820 \n\n\nInvestment in venture capital fund \n\n(550) \n\n(350) \n\n(950) \n\n\nNet cash used for investing activities \n\n(24,468) \n\n(36,979) \n\n(28,581) \n\n\n\n\n\n\n\n\n\n\n\nFINANCING ACTIVITIES: \n\n\n\n\n\n\n\n\nRevolving credit facility borrowings \n\n135,500 \n\n117,369 \n\n21,562 \n\n\nRevolving credit facility payments \n\n(121,500) \n\n(96,568) \n\n(18,000) \n\n\nProceeds from issuance of debt \n\n31,661 \n\n35,757 \n\n38,940 \n\n\nRepayments of debt \n\n(33,745) \n\n(35,102) \n\n(42,248) \n\n\nEarn-out consideration cash payment \n\n— \n\n— \n\n(6,276) \n\n\nOther financing costs \n\n— \n\n(2,251) \n\n(484) \n\n\nRepurchase of Common Shares to satisfy employee tax withholding \n\n(795) \n\n(1,720) \n\n(791) \n\n\nNet cash provided by (used for) financing activities \n\n11,121 \n\n17,485 \n\n(7,297) \n\n\n\n\n\n\n\n\n\n\n\nEffect of exchange rate changes on cash and cash equivalents \n\n(3,410) \n\n591 \n\n(1,677) \n\n\nNet change in cash and cash equivalents \n\n30,991 \n\n(13,957) \n\n(30,749) \n\n\nCash and cash equivalents at beginning of period \n\n40,841 \n\n54,798 \n\n85,547 \n\n\n\n\n\n\n\n\n\n\n\nCash and cash equivalents at end of period \n\n$               71,832 \n\n$               40,841 \n\n$               54,798 \n\n\n\n\n\n\n\n\n\n\n\nSupplemental disclosure of cash flow information: \n\n\n\n\n\n\n\n\nCash paid for interest \n\n$               15,458 \n\n$               13,007 \n\n$                 7,293 \n\n\nCash paid for income taxes, net \n\n$                 9,255 \n\n$               10,302 \n\n$                 6,178 \n\n\n\n\n\n\n\n\nRegulation G Non-GAAP Financial Measure Reconciliations \n\n\n\n\n\nExhibit 1 - Reconciliation of Adjusted EPS \n\n\n\n\n\nReconciliation of Q4 2024 Adjusted EPS \n\n\n(USD in millions, except EPS) \nQ4 2024 \n\nQ4 2024 EPS \n\n\nNet Loss \n$             (6.1) \n\n$           (0.22) \n\n\n\n\n\n\n\n\nAdd: After-Tax Business Realignment Costs \n0.3 \n\n0.01 \n\n\nAdd: After-Tax Impact of Valuation Allowance \n0.8 \n\n0.03 \n\n\nAdjusted Net Loss \n$             (5.0) \n\n$           (0.18) \n\n\n\n\n\nReconciliation of Full-Year 2024 Adjusted EPS \n\n\n(USD in millions, except EPS) \n2024 \n\n2024 EPS \n\n\nNet Loss \n$           (16.5) \n\n$           (0.60) \n\n\n\n\n\n\n\n\nAdd: After-Tax Business Realignment Costs \n2.5 \n\n0.09 \n\n\nAdd: After-Tax Environmental Remediation Costs \n0.1 \n\n0.00 \n\n\nAdd: After-Tax Impact of Valuation Allowance \n0.8 \n\n0.03 \n\n\nAdjusted Net Loss \n$           (13.1) \n\n$           (0.47) \n\n\n\n\n\n\n\n\nExhibit 2 – Reconciliation of Adjusted EBITDA \n\n\n\n\n\n(USD in millions) \n\nQ4 2023 \n\n2023 \n\nQ1 2024 \n\nQ2 2024 \n\nQ3 2024 \n\nQ4 2024 \n\n2024 \n\n\nIncome (Loss) Before Tax \n\n$       3.2 \n\n$     (1.9) \n\n$     (5.6) \n\n$       1.9 \n\n$      (3.7) \n\n$     (6.2) \n\n$     (13.6) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest expense, net \n\n3.8 \n\n13.0 \n\n3.6 \n\n3.8 \n\n3.6 \n\n3.4 \n\n14.4 \n\n\nDepreciation and amortization \n\n8.4 \n\n33.6 \n\n8.6 \n\n8.5 \n\n8.8 \n\n8.3 \n\n34.3 \n\n\nEBITDA \n\n$     15.5 \n\n$     44.7 \n\n$       6.6 \n\n$     14.2 \n\n$       8.8 \n\n$      5.5 \n\n$      35.1 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdd: Pre-Tax Business Realignment Costs \n\n0.1 \n\n4.5 \n\n— \n\n1.9 \n\n0.3 \n\n0.4 \n\n2.6 \n\n\nLess: Pre-Tax Gain on Disposal of Fixed Assets \n\n— \n\n(0.8) \n\n— \n\n— \n\n— \n\n— \n\n— \n\n\nAdd: Pre-Tax Environmental Remediation Costs \n\n— \n\n0.1 \n\n— \n\n— \n\n0.2 \n\n— \n\n0.2 \n\n\nAdd: Pre-Tax Brazilian Indirect Tax Credits, Net \n\n— \n\n(0.5) \n\n— \n\n— \n\n— \n\n— \n\n— \n\n\nAdjusted EBITDA \n\n$     15.6 \n\n$     48.1 \n\n$       6.6 \n\n$     16.1 \n\n$       9.2 \n\n$      6.0 \n\n$      37.9 \n\n\n\n\n\n\n\n\nExhibit 3 – Reconciliation of Adjusted Gross Profit \n\n\n\n\n\n(USD in millions) \nQ4 2023 \n\n2023 \n\nQ4 2024 \n\n2024 \n\n\nGross Profit \n$         45.5 \n\n$      201.3 \n\n$         42.7 \n\n$      189.3 \n\n\n\n\n\n\n\n\n\n\n\n\nAdd: Pre-Tax Business Realignment Costs \n0.1 \n\n0.8 \n\n0.4 \n\n0.5 \n\n\nAdjusted Gross Profit \n$         45.7 \n\n$      202.1 \n\n$         43.1 \n\n$      189.8 \n\n\n\n\n\n\n\n\nExhibit 4 - Reconciliation of Adjusted Operating Income (Loss) \n\n\n\n\n\n(USD in millions) \nQ4 2023 \n\n2023 \n\nQ4 2024 \n\n2024 \n\n\nOperating Income (Loss) \n$           6.0 \n\n$         12.8 \n\n$         (4.4) \n\n$         (0.4) \n\n\n\n\n\n\n\n\n\n\n\n\nAdd: Pre-Tax Business Realignment Costs \n0.1 \n\n4.5 \n\n0.4 \n\n2.6 \n\n\nLess: Pre-Tax Gain on Disposal of Fixed Assets \n— \n\n(0.8) \n\n— \n\n— \n\n\nAdd: Pre-Tax Environmental Remediation Costs \n— \n\n0.1 \n\n— \n\n0.2 \n\n\nAdd: Pre-Tax Brazilian Indirect Tax Credits, Net \n— \n\n(0.5) \n\n— \n\n— \n\n\nAdjusted Operating Income (Loss) \n$           6.2 \n\n$         16.2 \n\n$         (4.0) \n\n$           2.4 \n\n\n\n\n\n\n\n\nExhibit 5 – Segment Adjusted Operating Income (Loss) \n\n\n\n\n\nReconciliation of Control Devices Adjusted Operating Income (Loss) \n\n\n\n\n\n(USD in millions) \nQ4 2023 \n\n2023 \n\nQ4 2024 \n\n2024 \n\n\nControl Devices Operating Income (Loss) \n$          0.9 \n\n$        13.6 \n\n$        (1.8) \n\n$          6.2 \n\n\n\n\n\n\n\n\n\n\n\n\nLess: Pre-Tax Gain on Disposal of Fixed Assets \n— \n\n(0.8) \n\n— \n\n— \n\n\nAdd: Pre-Tax Environmental Remediation Costs \n— \n\n0.1 \n\n— \n\n0.2 \n\n\nAdd: Pre-Tax Business Realignment Costs \n— \n\n0.5 \n\n0.2 \n\n0.2 \n\n\nControl Devices Adjusted Operating Income (Loss) \n$          0.9 \n\n$        13.4 \n\n$        (1.6) \n\n$          6.6 \n\n\n\n\n\nReconciliation of Electronics Adjusted Operating Income \n\n\n\n\n\n(USD in millions) \nQ4 2023 \n\n2023 \n\nQ4 2024 \n\n2024 \n\n\nElectronics Operating Income  \n$        10.8 \n\n$        27.3 \n\n$          5.1 \n\n$        25.6 \n\n\n\n\n\n\n\n\n\n\n\n\nAdd: Pre-Tax Business Realignment Costs \n0.1 \n\n2.8 \n\n0.2 \n\n2.3 \n\n\nElectronics Adjusted Operating Income  \n$        11.0 \n\n$        30.2 \n\n$          5.3 \n\n$        27.9 \n\n\n\n\n\nReconciliation of Stoneridge Brazil Adjusted Operating Income \n\n\n\n\n\n(USD in millions) \nQ4 2023 \n\n2023 \n\nQ4 2024 \n\n2024 \n\n\nStoneridge Brazil Operating Income \n$          1.0 \n\n$          4.5 \n\n$          0.1 \n\n$          1.0 \n\n\n\n\n\n\n\n\n\n\n\n\nAdd: Pre-Tax Brazilian Indirect Tax Credits, Net \n— \n\n(0.5) \n\n— \n\n— \n\n\nStoneridge Brazil Adjusted Operating Income \n1.0 \n\n$          4.0 \n\n$          0.1 \n\n$          1.0 \n\n\n\n\n\n\n\n\nExhibit 6 – Reconciliation of Adjusted Sales \n\n\n\n\n\n(USD in millions) \nQ4 2023 \n\n2023 \n\nQ4 2024 \n\n2024 \n\n\nSales \n$      229.5 \n\n$      975.8 \n\n$      218.2 \n\n$      908.3 \n\n\n\n\n\n\n\n\n\n\n\n\nLess: Sales from Spot Purchases Recoveries  \n(0.2) \n\n(14.6) \n\n— \n\n— \n\n\nAdjusted Sales \n$      229.4 \n\n$      961.2 \n\n$      218.2 \n\n$      908.3 \n\n\n\n\n\n\n\n\nExhibit 7 – Reconciliation of Electronics Adjusted Sales \n\n\n\n\n\n(USD in millions) \nQ4 2023 \n\n2023 \n\nQ4 2024 \n\n2024 \n\n\nElectronics Sales \n$      146.9 \n\n$      608.2 \n\n$      149.4 \n\n$      594.7 \n\n\n\n\n\n\n\n\n\n\n\n\nLess: Sales from Spot Purchases Recoveries  \n(0.2) \n\n(14.6) \n\n— \n\n— \n\n\nElectronics Adjusted Sales \n$      146.8 \n\n$      593.6 \n\n$      149.4 \n\n$      594.7 \n\n\n\n\n\n\n\n\nExhibit 8 – Reconciliation of Adjusted Tax Rate \n\n\n\n\n\nReconciliation of Q4 2024 Adjusted Tax Rate \n\n\n(USD in millions) \nQ4 2024 \n\nTax Rate \n\n\nLoss Before Tax \n$            (6.2) \n\n\n\n\n\n\n\n\n\n\nAdd: Pre-Tax Business Realignment Costs \n0.4 \n\n\n\n\nAdjusted Loss Before Tax \n$            (5.7) \n\n\n\n\n\n\n\n\n\n\nIncome Tax Benefit \n$            (0.1) \n\n1.0 % \n\n\n\n\n\n\n\n\nAdd: Tax Impact from Pre-Tax Adjustments \n0.1 \n\n\n\n\nAdd: After-Tax Impact of Valuation Allowance \n(0.8) \n\n\n\n\nAdjusted Income Tax Benefit on Adjusted Loss Before Tax \n$            (0.8) \n\n13.5 % \n\n\n\n\n\nReconciliation of Full-Year 2024 Adjusted Tax Rate \n\n\n(USD in millions) \n2024 \n\nTax Rate \n\n\nLoss Before Tax \n$          (13.6) \n\n\n\n\n\n\n\n\n\n\nAdd: Pre-Tax Business Realignment Costs \n2.6 \n\n\n\n\nAdd: Pre-Tax Environmental Remediation Costs \n0.2 \n\n\n\n\nAdjusted Loss Before Tax \n$          (10.8) \n\n\n\n\n\n\n\n\n\n\nIncome Tax Expense \n$             2.9 \n\n(21.5) % \n\n\n\n\n\n\n\n\nAdd: Tax Impact from Pre-Tax Adjustments \n0.2 \n\n\n\n\nAdd: After-Tax Impact of Valuation Allowance \n(0.8) \n\n\n\n\nAdjusted Income Tax Expense on Adjusted Loss Before Tax \n$             2.3 \n\n(21.2) % \n\n\n\n\n\n\n\n\nExhibit 9 – Reconciliation of Free Cash Flow \n\n\n\n\n\n(USD in millions) \n2023 \n\n2024 \n\n\nCash Flow from Operating Activities \n$             4.9 \n\n$           47.7 \n\n\n\n\n\n\n\n\nCapital Expenditures, including Intangibles \n(38.5) \n\n(24.3) \n\n\nProceeds from Sale of Fixed Assets \n1.9 \n\n0.4 \n\n\nFree Cash Flow \n$          (31.7) \n\n$           23.8 \n\n\n\n\n\n\n\n\nExhibit 10 – Reconciliation of Compliance Leverage Ratio \n\n\n\n\n\nReconciliation of Adjusted EBITDA for Compliance Calculation \n\n\n(USD in millions) \n\nQ4 2023 \n\nQ1 2024 \n\nQ2 2024 \n\nQ3 2024 \n\nQ4 2024 \n\n\nIncome (Loss) Before Tax \n\n$       3.2 \n\n(5.6) \n\n$       1.9 \n\n$     (3.7) \n\n$     (6.2) \n\n\nInterest Expense, net \n\n3.8 \n\n3.6 \n\n3.8 \n\n3.6 \n\n3.4 \n\n\nDepreciation and Amortization \n\n8.4 \n\n8.6 \n\n8.5 \n\n8.8 \n\n8.3 \n\n\nEBITDA \n\n$     15.5 \n\n$       6.6 \n\n$     14.2 \n\n$       8.8 \n\n$       5.5 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCompliance adjustments: \n\n\n\n\n\n\n\n\n\n\n\n\nAdd: Non-Cash Impairment Charges and Write-offs or Write Downs \n\n0.1 \n\n0.1 \n\n— \n\n— \n\n0.4 \n\n\nAdd: Adjustments from Foreign Currency Impact \n\n(0.7) \n\n2.2 \n\n(2.4) \n\n(0.6) \n\n(1.1) \n\n\nAdd: Extraordinary, Non-recurring or Unusual Items \n\n— \n\n— \n\n— \n\n— \n\n— \n\n\nAdd: Cash Restructuring Charges \n\n0.3 \n\n1.6 \n\n0.5 \n\n0.7 \n\n0.3 \n\n\nAdd: Charges for Transactions, Amendments, and Refinances \n\n0.3 \n\n— \n\n— \n\n— \n\n— \n\n\nAdd: Adjustment to Autotech Fund II Investment \n\n(0.1) \n\n0.3 \n\n0.1 \n\n0.8 \n\n0.2 \n\n\nAdd:  Accrual-based Expenses \n\n5.5 \n\n8.2 \n\n7.1 \n\n1.3 \n\n6.4 \n\n\nLess: Cash Payments for Accrual-based Expenses \n\n(3.1) \n\n(3.2) \n\n(3.7) \n\n(3.3) \n\n(2.8) \n\n\nAdjusted EBITDA (Compliance) \n\n$     17.7 \n\n$     15.8 \n\n$     15.8 \n\n$       7.6 \n\n$       8.9 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted TTM EBITDA (Compliance) \n\n\n\n\n\n\n\n$     56.8 \n\n$     48.0 \n\n\n\n\n\nReconciliation of Adjusted Cash for Compliance Calculation \n\n\n(USD in millions) \nQ3 2024 \n\nQ4 2024 \n\n\nTotal Cash and Cash Equivalents \n$     54.1 \n\n$     71.8 \n\n\n\n\n\n\n\n\nLess: 35% of Cash in Foreign Locations \n(15.1) \n\n(16.5) \n\n\nTotal Adjusted Cash (Compliance) \n$     39.0 \n\n$     55.3 \n\n\n\n\n\nReconciliation of Adjusted Debt for Compliance Calculation \n\n\n(USD in millions) \nQ3 2024 \n\nQ4 2024 \n\n\nTotal Debt \n$   196.3 \n\n$   201.6 \n\n\n\n\n\n\n\n\nOutstanding Letters of Credit \n1.6 \n\n1.6 \n\n\nTotal Adjusted Debt (Compliance) \n$   197.9 \n\n$   203.1 \n\n\n\n\n\n\n\n\nAdjusted Net Debt (Compliance) \n$   158.9 \n\n$   147.9 \n\n\nCompliance Leverage Ratio (Net Debt / TTM EBITDA) \n2.79x \n\n3.08x \n\n\nCompliance Leverage Ratio Maximum Requirement  \n3.50x \n\n3.50x \n\n\n\n\n View original content to download multimedia:https://www.prnewswire.com/news-releases/stoneridge-reports-fourth-quarter-and-full-year-2024-results-302386616.html\nSOURCE Stoneridge, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}