Stoneridge (NYSE:SRI) Releases FY24 Earnings Guidance

Stoneridge (NYSE:SRI) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of ($0.40)-($0.35) for the period, compared to the consensus earnings per share estimate of $0.20. The company issued revenue guidance of $895-$905 million, compared to the consensus revenue estimate of $944.94 million. Stoneridge also updated its FY 2024 guidance to -0.400–0.350 EPS.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. StockNews.com upgraded Stoneridge from a “hold” rating to a “buy” rating in a research note on Wednesday, August 14th. Stephens initiated coverage on Stoneridge in a research note on Monday, July 8th. They issued an “overweight” rating on the stock.

Stoneridge Stock Performance

Stoneridge stock traded down $0.17 during mid-day trading on Wednesday, reaching $9.28. 205,414 shares of the stock traded hands, compared to its average volume of 147,146. The business’s 50-day moving average is $11.51 and its 200-day moving average is $14.19. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.27 and a quick ratio of 1.31. The stock has a market capitalization of $256.87 million, a PE ratio of 132.57 and a beta of 1.31. Stoneridge has a 12-month low of $8.94 and a 12-month high of $19.91.

Stoneridge (NYSE:SRI) last posted its quarterly earnings data on Wednesday, July 31st. The auto parts company reported $0.17 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.19. The firm had revenue of $237.10 million for the quarter, compared to the consensus estimate of $242.90 million. Stoneridge had a return on equity of 3.03% and a net margin of 0.19%. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.05) earnings per share. As a group, sell-side analysts predict that Stoneridge will post 0.13 EPS for the current fiscal year.

About Stoneridge

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.