Stoneridge (NYSE:SRI) Issues Quarterly Earnings Results, Misses Expectations By $0.32 EPS

Stoneridge (NYSE:SRI) released its quarterly earnings results on Wednesday. The auto parts company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.32), Briefing.com reports. The company had revenue of $213.80 million during the quarter, compared to the consensus estimate of $229.60 million. Stoneridge had a net margin of 0.19% and a return on equity of 3.03%. The business’s revenue was down 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.10 EPS. Stoneridge updated its FY 2024 guidance to -0.400–0.350 EPS and its FY24 guidance to ($0.40)-($0.35) EPS.

Stoneridge Stock Down 26.5 %

Shares of SRI traded down $2.46 during trading hours on Thursday, hitting $6.82. The company had a trading volume of 548,299 shares, compared to its average volume of 149,047. The firm has a fifty day moving average price of $11.42 and a 200-day moving average price of $14.16. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.31 and a current ratio of 2.27. The stock has a market capitalization of $188.78 million, a price-to-earnings ratio of 100.14 and a beta of 1.31. Stoneridge has a 52-week low of $6.76 and a 52-week high of $19.91.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SRI shares. Stephens started coverage on shares of Stoneridge in a report on Monday, July 8th. They set an “overweight” rating on the stock. StockNews.com raised Stoneridge from a “hold” rating to a “buy” rating in a research report on Wednesday, August 14th.

Stoneridge Company Profile

Stoneridge, Inc, together with its subsidiaries, designs and manufactures engineered electrical and electronic systems, components, and modules for the automotive, commercial, off-highway, motorcycle, and agricultural vehicle markets in North America, South America, Europe, and internationally. The company operates through three segments: Control Devices, Electronics, and Stoneridge Brazil.