Stoneridge Inc. Files Q3 2024 10-Q Report

TL;DR

Stoneridge Q3 10-Q is in. Check financials for latest performance.

AI Summary

Stoneridge Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Specific financial details and operational updates for this period are detailed within the report.

Why It Matters

This 10-Q filing provides investors and analysts with the latest financial performance and operational status of Stoneridge Inc., crucial for understanding the company's trajectory in the automotive parts sector.

Risk Assessment

Risk Level: medium — The risk level is medium due to the inherent volatility in the automotive industry and the need to analyze specific financial figures within the 10-Q for a precise risk assessment.

Key Numbers

• 2024-09-30 — Period End Date (This is the end date for the reporting period covered by the 10-Q.)
• 2024-10-30 — Filing Date (This is the date the 10-Q was officially filed with the SEC.)
• 2024-01-01 — Quarter Start Date (This marks the beginning of the reporting period for the year-to-date financials.)
• 2023-09-30 — Prior Year Period End (This date is used for comparative financial analysis against the current reporting period.)
• 1231 — Fiscal Year End (Indicates the end of Stoneridge Inc.'s fiscal year.)

Key Players & Entities

• STONERIDGE INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241030 (date) — Filing Date
• OH (location) — State of Incorporation
• 39675 MACKENZIE DRIVE (address) — Business Address

FAQ

Filing Documents

• sri-20240930.htm (10-Q) — 1402KB
• sri-20240930xexx101.htm (EX-10.1) — 245KB
• sri-20240930xexx311.htm (EX-31.1) — 9KB
• sri-20240930xexx312.htm (EX-31.2) — 9KB
• sri-20240930xexx321.htm (EX-32.1) — 4KB
• sri-20240930xexx322.htm (EX-32.2) — 4KB
• sri-20240930_g1.jpg (GRAPHIC) — 12KB
• 0001043337-24-000121.txt ( ) — 7081KB
• sri-20240930.xsd (EX-101.SCH) — 34KB
• sri-20240930_cal.xml (EX-101.CAL) — 53KB
• sri-20240930_def.xml (EX-101.DEF) — 154KB
• sri-20240930_lab.xml (EX-101.LAB) — 502KB
• sri-20240930_pre.xml (EX-101.PRE) — 346KB
• sri-20240930_htm.xml (XML) — 1157KB

–FINANCIAL INFORMATION

PART I–FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Loss (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended Sept ember 30, 2024 and 2023 7 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) for the Three and Nine Months Ended September 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 34

–OTHER INFORMATION

PART II–OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36

Signatures

Signatures 37 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) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 54,138 $ 40,841 Accounts receivable, less reserves of $ 845 and $ 1,058 , respectively 158,529 166,545 Inventories, net 176,445 187,758 Prepaid expenses and other current assets 25,301 34,246 Total current assets 414,413 429,390 Long-term assets: Property, plant and equipment, net 103,450 110,126 Intangible assets, net 44,206 47,314 Goodwill 35,593 35,295 Operating lease right-of-use asset 10,758 10,795 Investments and other long-term assets, net 54,103 46,980 Total long-term assets 248,110 250,510 Total assets $ 662,523 $ 679,900 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of debt $ — $ 2,113 Accounts payable 98,130 111,925 Accrued expenses and other current liabilities 71,761 64,203 Total current liabilities 169,891 178,241 Long-term liabilities: Revolving credit facility 196,322 189,346 Deferred income taxes 6,344 7,224 Operating lease long-term liability 7,219 7,684 Other long-term liabilities 11,397 9,688 Total long-term liabilities 221,282 213,942 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 27,689 and 27,549 shares outstanding at September 30, 2024 and December 31, 2023, respectively, with no stated value — — Additional paid-in capital 224,944 227,340 Common Shares held in treasury, 1,277 and 1,417 shares at September 30, 2024 and December 31, 2023, respectively, at cost ( 38,641 ) ( 43,344 ) Retained earnings 186,099 196,509 Accumulated other comprehensive loss ( 101,052 ) ( 92,788 ) Total shareholders' equity 271,350 287,717 Total liabilities and shareholders' equity $ 662,523 $ 679,900 The accompanying notes are an integral part of th

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View this 10-Q filing on SEC EDGAR