Stoneridge(US:SRI)2024-08-04 09:19Financial 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]