Stoneridge
Stoneridge is a global supplier of safe and efficient electronics systems and technologies, operating in three segments: Control Devices, Electronics, and Stoneridge Brazil. The company serves customers in 15 countries and is headquartered in Novi, Michigan, USA.
Company Overview
Stoneridge is a global supplier specializing in safe and efficient electronic systems and technologies. With headquarters in Novi, Michigan, USA, the company operates in three main segments: Control Devices, Electronics, and Stoneridge Brazil. Stoneridge serves clientele from 15 countries on five continents, offering products like actuators, valves, sensors, switches, and aftermarket audio and alarms under the Positron brand.
Segments and Products
Stoneridge operates in three key segments: Control Devices, Electronics, and Stoneridge Brazil. The Control Devices segment focuses on products that monitor, measure, or activate critical vehicle functions, primarily for the passenger vehicle market. The Electronics segment includes advanced driver assistance products, vision systems, and connectivity solutions for commercial trucks, buses, and off-highway vehicles. Stoneridge Brazil offers vehicle tracking devices, driver information systems, and telematics solutions for commercial vehicles, as well as aftermarket multimedia and alarms for passenger vehicles.
MirrorEye® Camera Monitor System
Stoneridge's MirrorEye® Camera Monitor System is an innovative product designed to replace traditional rear and side-view mirrors with digital cameras and monitors. This system provides enhanced, real-time visibility from nearly every angle of a commercial vehicle, aiming to reduce the frequency and severity of accidents, improve efficiency, and lower emissions.
Global Facilities
Stoneridge has a global footprint with manufacturing facilities in Juarez, Mexico; Orebro, Sweden; Suzhou, China; Tallinn, Estonia; Lexington, Ohio, USA; Barneveld, Netherlands; and Manaus, Brazil. Engineering facilities are located in Juarez, Mexico; Solna, Sweden; Suzhou, China; Tallinn, Estonia; Lexington, Ohio, USA; Barneveld, Netherlands; and Campinas, Brazil. The company also operates a distribution facility in El Paso, Texas, USA.
Financial Performance
For the first quarter of 2024, Stoneridge reported sales of $239.2 million with a gross profit of $48.4 million, making up 20.2% of sales. The operating income for the quarter was $0.3 million, with an EBITDA of $6.6 million (2.8% of sales). The company also reported a loss per share of $(0.22). For the full year of 2024, Stoneridge provides sales guidance of $990.0 million to $1,010.0 million, a gross margin of 22.0% to 22.75%, and an operating margin of 2.75% to 3.25%. The EBITDA guidance for 2024 stands at $64 million to $70 million, and the EPS guidance is $0.30 to $0.40.
Sustainability Initiatives
Stoneridge is committed to sustainability and has made significant progress in its environmental, social, and governance (ESG) initiatives. The company achieved an 18.6% reduction in Absolute Scope 1 and Scope 2 GHG Emissions against a 2019 baseline and earned a B score on the CDP Climate Change Disclosure. Stoneridge also published its first Task Force for Climate-Related Financial Disclosures (TCFD) Report and its initial Sustainable Accounting Standards Board (SASB) Standards Index. Furthermore, the company aligns with the United Nations Sustainable Development Goals.