Stoneridge Inc. Q2 2024: $754.8M in Net Sales

TL;DR

**Stoneridge Inc. Q2 2024: $754.8M in net sales YTD. Keep an eye on their automotive parts performance.**

AI Summary

Stoneridge Inc. reported its second quarter 2024 results, with net sales for the six months ended June 30, 2024, totaling $754.8 million. The company's financial statements indicate a fiscal year end of December 31, and this 10-Q filing covers the period up to June 30, 2024. Key financial data from previous periods, such as December 31, 2023, and June 30, 2023, are also included for comparison.

Why It Matters

This filing provides investors with a detailed look at Stoneridge Inc.'s financial performance for the first half of 2024, crucial for understanding the company's revenue generation and financial health in the automotive parts sector.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not contain immediate red flags or significant negative developments.

Key Numbers

• $754.8M — Net Sales (For the six months ended June 30, 2024)
• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter and year-to-date period covered)
• 20240731 — Filing Date (Date the 10-Q was officially submitted to the SEC)

Key Players & Entities

• Stoneridge Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period for the 10-Q
• $754.8 million (dollar_amount) — Net sales for the six months ended June 30, 2024
• 39675 MACKENZIE DRIVE (location) — Business and mailing address of Stoneridge Inc.
• NOVI, MI (location) — City and State of Stoneridge Inc.'s address

FAQ

Filing Documents

• sri-20240630.htm (10-Q) — 1345KB
• sri-20240630xexx101.htm (EX-10.1) — 31KB
• sri-20240630xexx311.htm (EX-31.1) — 9KB
• sri-20240630xexx312.htm (EX-31.2) — 9KB
• sri-20240630xexx321.htm (EX-32.1) — 4KB
• sri-20240630xexx322.htm (EX-32.2) — 4KB
• image_0.jpg (GRAPHIC) — 54KB
• sri-20240630_g1.jpg (GRAPHIC) — 12KB
• 0001043337-24-000106.txt ( ) — 6826KB
• sri-20240630.xsd (EX-101.SCH) — 34KB
• sri-20240630_cal.xml (EX-101.CAL) — 53KB
• sri-20240630_def.xml (EX-101.DEF) — 155KB
• sri-20240630_lab.xml (EX-101.LAB) — 503KB
• sri-20240630_pre.xml (EX-101.PRE) — 346KB
• sri-20240630_htm.xml (XML) — 1141KB

–FINANCIAL INFORMATION

PART I–FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of June 30 , 2024 (Unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30 , 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Loss (Unaudited) for the Three and Six Months Ended June 30 , 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30 , 2024 and 2023 7 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) for the Three and Six Months Ended June 30 , 2024 and 2023 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

–OTHER INFORMATION

PART II–OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35

Signatures

Signatures 36 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 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; 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) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 42,112 $ 40,841 Accounts receivable, less reserves of $ 620 and $ 1,058 , respectively 168,215 166,545 Inventories, net 178,749 187,758 Prepaid expenses and other current assets 32,882 34,246 Total current assets 421,958 429,390 Long-term assets: Property, plant and equipment, net 103,061 110,126 Intangible assets, net 43,586 47,314 Goodwill 34,244 35,295 Operating lease right-of-use asset 8,722 10,795 Investments and other long-term assets, net 55,080 46,980 Total long-term assets 244,693 250,510 Total assets $ 666,651 $ 679,900 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of debt $ 2,064 $ 2,113 Accounts payable 108,085 111,925 Accrued expenses and other current liabilities 76,098 64,203 Total current liabilities 186,247 178,241 Long-term liabilities: Revolving credit facility 187,417 189,346 Deferred income taxes 6,276 7,224 Operating lease long-term liability 5,814 7,684 Other long-term liabilities 10,446 9,688 Total long-term liabilities 209,953 213,942 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 27,679 and 27,549 shares outstanding at June 30, 2024 and December 31, 2023, respectively, with no stated value — — Additional paid-in capital 224,599 227,340 Common Shares held in treasury, 1,287 and 1,417 shares at June 30, 2024 and December 31, 2023, respectively, at cost ( 39,066 ) ( 43,344 ) Retained earnings 193,169 196,509 Accumulated other comprehensive loss ( 108,251 ) ( 92,788 ) Total shareholders' equity 270,451 287,717 Total liabilities and shareholders' equity $ 666,651 $ 679,900 The accompanying notes are an integral part of these condens

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View this 10-Q filing on SEC EDGAR