Stoneridge Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Stoneridge Inc. filed its Q1 2024 10-Q report, detailing financial performance and segment data for the period ending March 31, 2024.</b>

AI Summary

STONERIDGE INC (SRI) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Stoneridge Inc. reported financial results for the first quarter ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data from previous periods, including December 31, 2023, and March 31, 2023, are referenced. Segment information for Control Devices, Electronics, and Stoneridge Brazil is included for North America and South America. The company is incorporated in Ohio (OH) and operates in the Motor Vehicle Parts & Accessories industry.

Why It Matters

For investors and stakeholders tracking STONERIDGE INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational details of Stoneridge Inc. Understanding the segment performance (Control Devices, Electronics, Stoneridge Brazil) across different regions is crucial for assessing the company's growth drivers and potential risks.

Risk Assessment

Risk Level: medium — STONERIDGE INC shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains detailed financial information but lacks forward-looking guidance or significant strategic shifts that would indicate immediate high risk or reward.

Analyst Insight

Review the segment performance data to identify trends in Control Devices, Electronics, and Stoneridge Brazil for potential investment opportunities or concerns.

Key Numbers

• 2024-03-31 — Period of Report (Conformed Period of Report)
• 2024-05-01 — Filed As Of Date (Filed As Of Date)
• 2024-01-01 — Quarter Start Date (First Quarter Start Date)
• 2023-03-31 — Prior Year Quarter End (Prior Year Quarter End Date)

Key Players & Entities

• STONERIDGE INC (company) — Filer
• 39675 MACKENZIE DRIVE (location) — Business Address
• NOVI (location) — City
• MI (location) — State
• OH (location) — State of Incorporation
• 3714 (industry) — Standard Industrial Classification

FAQ

Industry Context

Stoneridge Inc. operates within the automotive parts and accessories sector, supplying electronic and control systems to the global vehicle market.

Regulatory Implications

As a publicly traded company, Stoneridge Inc. is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing its financial condition and operations.

What Investors Should Do

1. Analyze the revenue and profitability trends for each business segment (Control Devices, Electronics, Stoneridge Brazil).
2. Compare the current quarter's financial data with the same period in the prior year (Q1 2023) to identify growth or decline.
3. Review any disclosures related to significant events, risks, or legal proceedings mentioned in the full 10-Q document.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, providing updated financial information compared to the previous year's filings.

Filing Documents

• sri-20240331.htm (10-Q) — 946KB
• sri-20240331xexx311.htm (EX-31.1) — 9KB
• sri-20240331xexx312.htm (EX-31.2) — 9KB
• sri-20240331xexx321.htm (EX-32.1) — 4KB
• sri-20240331xexx322.htm (EX-32.2) — 4KB
• sri-20240331_g1.jpg (GRAPHIC) — 12KB
• 0001043337-24-000089.txt (&nbsp;) — 5461KB
• sri-20240331.xsd (EX-101.SCH) — 34KB
• sri-20240331_cal.xml (EX-101.CAL) — 51KB
• sri-20240331_def.xml (EX-101.DEF) — 160KB
• sri-20240331_lab.xml (EX-101.LAB) — 483KB
• sri-20240331_pre.xml (EX-101.PRE) — 341KB
• sri-20240331_htm.xml (XML) — 759KB

–FINANCIAL INFORMATION

PART I–FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 202 3 4 Condensed Consolidated Statements of Operations (Unaudited) for the Three Months Ended March 31 , 202 4 and 202 3 5 Condensed Consolidated Statements of Comprehensive Loss (Unaudited) for the Three Months Ended March 31 , 202 4 and 202 3 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31 , 202 4 and 202 3 7 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) for the Three Months Ended March 31 , 202 4 and 202 3 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

–OTHER INFORMATION

PART II–OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31

Signatures

Signatures 32 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements Portions of this report on Form 10-Q 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 the statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors: the 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; fluctuations in the cost and availability of key materials (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and components and our ability to offset cost increases through negotiated price increases with our customers or other cost reduction actions, as necessary; global 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; our ability to achieve cost reductions that offset or exceed customer-mandated selling price

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements STONERIDGE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 48,440 $ 40,841 Accounts receivable, less reserves of $ 932 and $ 1,058 , respectively 170,296 166,545 Inventories, net 179,891 187,758 Prepaid expenses and other current assets 32,716 34,246 Total current assets 431,343 429,390 Long-term assets: Property, plant and equipment, net 106,170 110,126 Intangible assets, net 45,270 47,314 Goodwill 34,488 35,295 Operating lease right-of-use asset 9,552 10,795 Investments and other long-term assets, net 48,589 46,980 Total long-term assets 244,069 250,510 Total assets $ 675,412 $ 679,900 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of debt $ 2,077 $ 2,113 Accounts payable 109,222 111,925 Accrued expenses and other current liabilities 68,947 64,203 Total current liabilities 180,246 178,241 Long-term liabilities: Revolving credit facility 194,420 189,346 Deferred income taxes 6,849 7,224 Operating lease long-term liability 6,594 7,684 Other long-term liabilities 10,047 9,688 Total long-term liabilities 217,910 213,942 Shareholders' equity: Preferred Shares, without par value, 5,000 shares authorized, none issued — — Common Shares, without par value, 60,000 shares authorized, 28,966 and 28,966 shares issued and 27,667 and 27,549 shares outstanding at March 31, 2024 and December 31, 2023, respectively, with no stated value — — Additional paid-in capital 223,856 227,340 Common Shares held in treasury, 1,299 and 1,417 shares at March 31, 2024 and December 31, 2023, respectively, at cost ( 39,386 ) ( 43,344 ) Retained earnings 190,383 196,509 Accumulated other comprehensive loss ( 97,597 ) ( 92,788 ) Total shareholders' equity 277,256 287,717 Total liabilities and shareholders' equity $ 675,412 $ 679,900 The accompanying notes are an integral part of these conde

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