TORONTO, Aug. 21, 2024 /PRNewswire/ - Manulife Investment Management (Manulife IM), the world's largest manager of natural capital with over $16 billion in assets under management in timberland and agriculture1, has recently released three reports detailing how it incorporates financially material climate- and nature-related investment considerations into its asset management and portfolio construction capabilities. Interested market participants can use the insights from Manulife IM's Natural Capital Susta ...

Financial Performance - Q2 2024 sales were $237.1 million[6] - Q2 2024 gross profit was $53.7 million, with a margin of 22.7%[6] - Q2 2024 operating income was $3.4 million, with a margin of 1.4%, while adjusted operating income was $5.4 million, with a margin of 2.3%[6] - Q2 2024 adjusted EPS was $0.17, a $0.39 improvement compared to Q1 2024[8] - Q2 2024 adjusted EBITDA was $16.1 million, with a margin of 6.8%, a ~410 bps improvement compared to Q1 2024[6, 8] Segment Performance - Control Devices sales increased by 3.7% from Q1 2024 to Q2 2024, reaching $80.9 million[20] - Control Devices operating margin increased by 180 bps from Q1 2024 to Q2 2024[20] - Electronics Q2 sales were approximately in-line with Q1 2024, excluding a ~$2.2 million unfavorable impact from foreign currency[21] - Electronics adjusted operating margin increased by ~310 bps from Q1 2024 to Q2 2024[21] - Stoneridge Brazil sales slightly improved compared to Q1 2024, excluding an unfavorable FX impact of ~$0.6 million[22] Guidance and Priorities - Full-year 2024 revenue guidance was updated to $940.0 million - $970.0 million, a reduction of $45.0 million at the midpoint[26, 27] - Full-year gross margin guidance was increased by 50 bps to 22.75% - 23.0%[26, 27] - Full-year adjusted EBITDA margin guidance is 6.2% - 6.6%[26] - Inventory was reduced by $9.0 million in the first half of 2024[18, 28]

Q2 Operating Performance Significantly Outperforms Previously Provided Expectations Driven by Strong Margin Expansion 2024 Second Quarter Results Sales of $237.1 million Gross profit of $53.7 million (22.7% of sales) Operating income of $3.4 million Adjusted operating income of $5.4 million (2.3% of sales) Adjusted EBITDA of $16.1 million (6.8% of sales) Earnings per share ("EPS") of $0.10 Adjusted EPS of $0.17 2024 Full-Year Guidance Update Reducing full-year 2024 revenue midpoint guidance by $45 million t ...

Details for joining the presentation via live webcast can be found at https://www.stoneridge.com/presentationsevents prior to the event. SOURCE Stoneridge, Inc. NOVI, Mich., July 30, 2024 /PRNewswire/ -- Stoneridge, Inc. (NYSE: SRI) today announced that Jim Zizelman, president and chief executive officer, and Matt Horvath, chief financial officer, will participate in the J.P. Morgan Auto Conference in New York City, with a presentation scheduled for 9:35 a.m. ET on Wednesday, August 7, 2024. About Stoneridg ...

Company Overview - Stoneridge, Inc. is headquartered in Novi, Michigan and is a global designer and manufacturer of highly engineered electrical and electronic systems, components, and modules for various vehicle markets including automotive, commercial, off-highway, and agricultural vehicles [2]. Upcoming Events - Stoneridge, Inc. will host a live webcast of its second quarter 2024 earnings conference call on August 1, 2024, at 9:00 a.m. ET, featuring president and CEO Jim Zizelman and CFO Matt Horvath [1]. - The webcast will be accessible on the Presentations & Events page of the Investors section of the company's website [1].

About Stoneridge, Inc. SOURCE Stoneridge, Inc. Stoneridge, Inc., headquartered in Novi, Michigan, is a global designer and manufacturer of highly engineered electrical and electronic systems, components, and modules for the automotive, commercial, off-highway and agricultural vehicle markets. Additional information about Stoneridge can be found at www.stoneridge.com. NOVI, Mich., June 5, 2024 /PRNewswire/ -- Stoneridge, Inc. (NYSE: SRI) today announced that Jim Zizelman, president and chief executive office ...

NOVI, Mich., May 22, 2024 /PRNewswire/ -- Stoneridge, Inc. (NYSE: SRI), a leading designer and manufacturer of highly engineered electrical and electronic vehicle systems, has announced the appointment of Natalia Noblet as president of its Electronics Division, effective September 1, 2024. Noblet succeeds Peter Österberg, who, by mutual agreement, is leaving the company to pursue other opportunities. Stoneridge appoints Natalia Noblet as President of Electronics DivisionStoneridge appoints Natalia Noblet as ...

stoneridge.com © 2024 Forward-Looking Statements stoneridge.com © 2024 3 • Maintaining previously guided full-year 2024 ranges • Reduced inventory balance by $7.9 million and improved compliance leverage ratio by 0.27x to 2.86x vs. Q4 2023 3.0% Growth vs. Q1 2023* +120 bps vs. Q1 2023* $0.03 Growth vs. Q1 2023* Sales EBITDA EPS $1.35B – $1.55B By 2028 ~10% CAGR Growth** Q1 2024 Results Rounding Disclosure: There may be slight immaterial differences between figures represented in our public filings compared ...

Financial Data and Key Metrics Changes - First quarter sales were $239.2 million, an increase of 3% compared to the first quarter of 2023, driven by strong growth in the Electronics segment [15][56] - Gross margin improved by 170 basis points year-over-year, while EBITDA margin increased by 120 basis points [8][44] - Operating cash generated was $9.1 million, an improvement of $18.3 million compared to the first quarter of last year [13][66] Business Line Data and Key Metrics Changes - Electronics segment sales increased by $15.6 million or 11.1% compared to the first quarter of 2023, primarily due to the ramp-up of the Smart 2 tachograph programs in Europe [32] - Control Devices sales declined by approximately $8.7 million, primarily due to the expected wind-down of end-of-life programs and slower demand for electric vehicle platforms [30] - Stoneridge Brazil's sales totaled approximately $12.2 million, a decrease of $2 million relative to the first quarter of last year due to one-time revenue opportunities that were not expected to recur [34] Market Data and Key Metrics Changes - The Smart 2 tachograph is expected to generate approximately $60 million in revenue for 2024, driven by both OEM and aftermarket applications [17] - The company anticipates significant growth in the aftermarket segment as regulatory requirements for tachograph adoption continue to roll out [18][19] Company Strategy and Development Direction - The company is focused on driving growth and market outperformance, maintaining a revenue guidance midpoint of $1 billion for 2024, which is expected to outperform underlying end markets by 8 percentage points [21][25] - Continued emphasis on gross margin expansion through material cost improvements and operational excellence is a key strategic priority [22][54] - The company aims to leverage its global footprint to maximize capabilities and output, with a focus on efficient capital deployment and organic growth initiatives [55] Management's Comments on Operating Environment and Future Outlook - Management acknowledged historical execution issues that resulted in $2 million of incremental warranty-related costs but expressed confidence in the positive impact of structural changes on profitability [6][28] - The company expects continued strong sales growth driven by new program launches and the ramp-up of recently launched programs, particularly in the second half of the year [64] - Management remains optimistic about the long-term growth potential of the Smart 2 tachograph and MirrorEye products, anticipating significant revenue contributions as regulatory requirements drive adoption [19][97] Other Important Information - The company has made progress towards sustainability goals, including reducing greenhouse gas emissions by 18.6% and water withdrawal by 5.8% [20] - The company is committed to maintaining a compliance leverage ratio between 2x and 2.5x by the end of the year, focusing on cash performance and reducing net debt [35][66] Q&A Session Summary Question: Can you provide more color around the EBITDA cadence and expectations for the second quarter? - Management expects EBITDA to improve relative to the first quarter, driven by strong operational performance and the launch of incremental programs [38][70] Question: What are the material cost and pricing tailwinds expected for the year? - Management indicated that material cost improvements and operational efficiencies are expected to significantly benefit the bottom line, with a typical contribution margin of 25% to 30% on incremental revenue [40][94] Question: Can you clarify the adoption issues with the Smart 2 tachograph? - Management confirmed that while OEM adoption is on track, aftermarket adoption has been slower due to compliance timing, but they expect a ramp-up as the deadline approaches [82][100] Question: Is the guidance based on adjusted EBITDA or the $6.6 million number? - The guidance includes the $6.6 million number, which factors in the first quarter's non-recurring items [106][118] Question: What is the expected peak revenue year for the tachograph and MirrorEye products? - Management anticipates peak revenue for the tachograph in 2025-2026, with ongoing growth expected as regulations drive adoption [85][97]

Commission file number: 001-13337 STONERIDGE, INC (Exact name of registrant as specified in its charter) FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2024 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Ohio 34-1598949 (State or other jurisdiction of incorporation or organization) (I.R.S. ...