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Classified in: Transportation, Science and technology, Business, Covid-19 virus
Subjects: ERN, ERP

Stoneridge Reports Second-Quarter 2022 Results


MIRROREYE OEM TAKE RATES REMAIN STRONGER THAN ORIGINAL EXPECTATIONS WITH INCREASED OUTLOOK FOR 2023

SECOND-QUARTER PERFORMANCE IMPACTED BY FX HEADWINDS

2022 Second-Quarter Results

2022 Full-year Guidance Update

NOVI, Mich., Aug. 3, 2022 /PRNewswire/ -- Stoneridge, Inc. (NYSE: SRI) today announced financial results for the second quarter ended June 30, 2022, with sales of $220.9 million and loss per share of ($0.27). Adjusted sales were $205.7 million and adjusted EPS was ($0.29) for the second quarter. Sales were adjusted to normalize the impact of $15.3 million of electronic component spot buys recovered from customers within the quarter. The exhibits attached hereto provide reconciliation detail on this and all other normalizing adjustments.       

For the second quarter of 2022, Stoneridge reported gross profit of $38.6 million (18.7% of adjusted sales). Operating loss was ($5.9) million and adjusted operating loss was ($6.5) million ((3.2%) of adjusted sales). Adjusted EBITDA was $2.3 million (1.1% of adjusted sales). Excluding the unfavorable impact of foreign currency rates, adjusted gross, operating and EBITDA margins would have been approximately 19.7%, (2.3%) and 0.9%, respectively.

Jon DeGaynor, president and chief executive officer, commented, "In the second quarter, our team continued to adapt to volatile production schedules, limited material availability and continued rising material costs. Although material costs continue to create a headwind, we have significantly reduced the net impact of rising material costs on our financial performance as we have offset approximately 90% of these incremental costs incurred year-to-date through price increases and cost recovery actions. Our performance was negatively impacted by foreign currency exchange rate movements during the quarter resulting in an adjusted EPS headwind of $0.06. We continue to focus on controlling the variables within our control and adapting our cost structure to align with current market conditions.  While production and material availability remain volatile, we are seeing improvements in customer production forecasts as a result of improved material availability.  We expect that the actions we have taken, and will continue to take, will result in strong run-rate financial performance as our end-markets and supply chains continue to recover."

DeGaynor continued, "Although macroeconomic conditions continue to be challenging, we remain focused on the initiatives that will drive long-term, profitable growth. Market demand continues to be strong for the first OEM MirrorEye® program in Europe with take rates averaging approximately 35%. That said, material availability is constraining take rates in 2022. Based on discussions with our first OEM partner, we expect the take rate will continue to expand as supply chain issues subside and are forecasting the take rate to be greater than 50% heading into next year. This has the potential to drive significant revenue upside and strong contribution margins going-forward." 

Second Quarter in Review
Control Devices sales totaled $85.0 million, an increase of 0.7% relative to adjusted sales excluding the impact of the divested business in the second quarter of 2021, primarily due to customer price increases offset by COVID-19 related shutdowns impacting production in China in the second quarter of 2022.  Second quarter adjusted operating margin was 4.8%, a decrease of 220 basis points relative to the second quarter of 2021, primarily due to the increase in material costs as a result of supply chain constraints and inflation, offset by negotiated price increases.

Control Devices sales were consistent with our first quarter sales, primarily due to incremental revenue on actuation program ramp-ups offset by continued volatility in customer production volumes and COVID-19 related shutdowns impacting production volumes in China.  Second quarter adjusted operating margin decreased 310 basis points relative to the first quarter of 2022, primarily due to a one-time favorable SG&A benefit related to a legal settlement recognized in the first quarter of 2022 and higher material costs from supply chain constraints and inflation. 

Electronics adjusted sales totaled $115.1 million, an increase of 18.3% relative to sales in the second quarter of 2021, primarily due to increased end-market demand, customer price increases and the ramp-up of new program launches partially offset by an unfavorable foreign currency impact of $11.8 million. Second quarter adjusted operating margin was (2.2%), a decrease of 40 basis points relative to the second quarter of 2021 primarily due to fixed cost leverage on incremental sales offset by an increase in material costs as a result of supply chain constraints.  

Relative to the first quarter of 2022, Electronics adjusted sales increased 6.4%, primarily due to increased end-market demand, expansion of recently launched programs and pricing actions offset by an unfavorable foreign currency impact of $1.8 million. Excluding the unfavorable impact of foreign currency, sales increased by 8.0%. Adjusted operating margin increased 30 basis points relative to the first quarter of 2022, primarily due to reduced net engineering spend as well as reduced SG&A costs offset by an unfavorable foreign currency impact of approximately $2.1 million. Excluding the unfavorable impact of foreign currency, operating margin improved by 210 basis points versus the first quarter of 2022.

Stoneridge Brazil sales were $13.3 million, a decrease of 10.4% relative to sales in the second quarter of 2021, primarily due to lower sales in most product lines partially offset by favorable foreign currency impact of $1.0 million.  First quarter adjusted operating margin decreased 440 basis points relative to the second quarter of 2021, primarily due to unfavorable fixed cost leverage on lower sales.

Relative to the first quarter of 2022, Stoneridge Brazil sales increased by $1.3 million primarily due to favorable foreign currency impact of $0.7 million. Stoneridge Brazil adjusted operating margin decreased by 140 basis points relative to the first quarter of 2022 primarily due to higher SG&A and D&D spend.

Cash and Debt Balances 
As of June 30, 2022, Stoneridge had cash and cash equivalents balances totaling $40.7 million. Total debt as of June 30, 2022 was $162.0 million. The 2022 amendment to the Company's $300 million credit facility provides for a covenant relief period through the end of Q1 2023 at which point covenants revert back to pre-amendment levels.  This amendment to the credit facility waives the maximum leverage ratio covenant for the first three quarters of 2022 and modifies the fourth quarter of 2022 covenant to include a maximum 4.75x leverage ratio. This amendment also modified the minimum interest coverage covenant for each quarter of 2022.  The Company expects to remain in compliance with the amended existing covenants through the covenant relief period.

2022 Outlook
Matt Horvath, chief financial officer, commented, "The pricing and supply chain actions taken in the first half of the year continue to provide relief on incremental material costs. Driven primarily by limited material availability, customer production forecasts have not recovered as quickly as we expected despite continued strong end-market demand. As a result, we are reducing the midpoint of our 2022 adjusted revenue guidance by $15 million to $865 million to reflect updated second half expectations. This results in a reduction to adjusted EPS of approximately $0.11 based on our expected contribution margin of 25% to 30%." 

Horvath continued, "We are reducing our margin guidance to reflect reduced fixed cost leverage on lower expected revenue, offset in part by a continued focus on reducing operating expenses and aligning our cost structure with current market conditions. Additionally, we expect incremental interest and tax expense to reduce adjusted EPS by approximately $0.05 for the remainder of the year. As a result, including consideration for second quarter performance, we are reducing our full-year adjusted EPS guidance to a mid-point of ($0.20)."        

The Company announced updated full-year sales guidance of $855.0 million to $875.0 million, adjusted gross margin guidance of 21.25% to 21.75% and adjusted operating margin guidance of 0.75% to 1.25%. Full-year tax expense guidance was updated to $5.5 million to $6.5 million.  Adjusted EBITDA margin guidance was updated to 4.75% to 5.25%. Adjusted EPS guidance was updated to ($0.25) ? ($0.15).

Conference Call on the Web
A live Internet broadcast of Stoneridge's conference call regarding 2022 second-quarter results can be accessed at 9:00 a.m. Eastern Time on Thursday, August 4, 2022, at www.stoneridge.com, which will also offer a webcast replay.

About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Michigan, is a global designer and manufacturer of highly engineered electrical and electronic components, modules and systems for the automotive, commercial, off-highway and agricultural vehicle markets.  Additional information about Stoneridge can be found at www.stoneridge.com.

Forward-Looking Statements 
Statements in this press release 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 forward-looking statements contained herein represent our estimates only as of the date of this release and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.

Use of Non-GAAP Financial Information 
This press release contains information about the Company's financial results that is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this press release. The provision of these non-GAAP financial measures for 2022 and 2021 is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non-GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably predict.

Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company's financial position and results of operations.  In particular, management believes that adjusted sales, adjusted gross income and margin, adjusted operating income (loss) and margin, adjusted net loss, adjusted loss per share, adjusted EBITDA, adjusted EBITDA margin, adjusted loss before tax, adjusted income tax expense and adjusted tax rate are useful measures in assessing the Company's financial performance by excluding certain items that are not indicative of the Company's core operating performance or that may obscure trends useful in evaluating the Company's continuing operating activities.  Management also believes that these measures are useful to both management and investors in their analysis of the Company's results of operations and provide improved comparability between fiscal periods.

Adjusted sales, adjusted gross income and margin, adjusted operating income (loss) and margin, adjusted net income loss, adjusted loss per share, adjusted EBITDA, adjusted EBITDA margin, adjusted loss before tax and adjusted tax rate should not be considered in isolation or as a substitute for sales, gross profit, operating income (loss), net loss, loss per share, income before tax, income tax expense, tax rate, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP.  

 

CONDENSED CONSOLIDATED BALANCE SHEETS
















June 30,


December 31,

(in thousands)


2022


2021




(Unaudited)




ASSETS







Current assets:







Cash and cash equivalents


$

40,692


$

85,547

Accounts receivable, less reserves of $1,938 and $1,443, respectively



159,733



150,388

Inventories, net



144,108



138,115

Prepaid expenses and other current assets



51,247



36,774

Total current assets



395,780



410,824

Long-term assets:







Property, plant and equipment, net



105,137



107,901

Intangible assets, net



45,928



49,863

Goodwill



33,537



36,387

Operating lease right-of-use asset



15,483



18,343

Investments and other long-term assets, net



42,549



42,081

Total long-term assets



242,634



254,575

Total assets


$

638,414


$

665,399








LIABILITIES AND SHAREHOLDERS' EQUITY







Current liabilities:







Current portion of debt


$

4,178


$

5,248

Accounts payable



109,179



97,679

Accrued expenses and other current liabilities



67,111



70,139

Total current liabilities



180,468



173,066

Long-term liabilities:







Revolving credit facility



157,820



163,957

Deferred income taxes



9,286



10,706

Operating lease long-term liability



12,313



14,912

Other long-term liabilities



5,999



6,808

Total long-term liabilities



185,418



196,383

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 27,318 and 27,191 shares outstanding at June 30, 2022 and
December 31, 2021, respectively, with no stated value



-



-

Additional paid-in capital



230,455



232,490

Common Shares held in treasury, 1,648 and 1,775 shares at June 30, 2022 and
December 31, 2021, respectively, at cost



(51,081)



(55,264)

Retained earnings



200,734



215,748

Accumulated other comprehensive loss



(107,580)



(97,024)

Total shareholders' equity



272,528



295,950

Total liabilities and shareholders' equity


$

638,414


$

665,399

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS













(Unaudited)































Three months ended 


Six months ended 




June 30, 


June 30, 

(in thousands, except per share data)



2022


2021


2022


2021















Net sales



$

220,936


$

191,334


$

441,994


$

385,129

Costs and expenses:














Cost of goods sold




182,372



148,493



361,987



296,202

Selling, general and administrative




28,938



31,380



56,337



60,756

Gain on sale of Canton Facility, net




-



(30,718)



-



(30,718)

Design and development




15,554



15,495



32,582



30,146

Operating (loss) income




(5,928)



26,684



(8,912)



28,743

Interest expense, net




1,217



1,860



3,003



3,626

Equity in loss (earnings) of investee




377



(496)



458



(1,110)

Other (income) expense, net




(596)



(272)



735



86

(Loss) income before income taxes




(6,926)



25,592



(13,108)



26,141

Provision for income taxes




413



5,794



1,906



6,213

Net (loss) income



$

(7,339)


$

19,798


$

(15,014)


$

19,928















(Loss) earnings per share:














Basic



$

(0.27)


$

0.73


$

(0.55)


$

0.74

Diluted



$

(0.27)


$

0.72


$

(0.55)


$

0.73















Weighted-average shares outstanding:














Basic




27,269



27,137



27,234



27,077

Diluted




27,269



27,432



27,234



27,442

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS







(Unaudited)














Six months ended June 30, (in thousands)


2022


2021








OPERATING ACTIVITIES:







Net (loss) income


$

(15,014)


$

19,928

Adjustments to reconcile net income to net cash provided by (used for) operating activities:







Depreciation



13,618



14,099

Amortization, including accretion and write-off of deferred financing costs 



4,323



3,126

Deferred income taxes



(1,868)



1,658

Loss (earnings) of equity method investee



458



(1,110)

Gain on sale of fixed assets



(95)



(139)

Share-based compensation expense



2,834



2,761

Excess tax deficiency (benefit) related to share-based compensation expense



259



(289)

Gain on settlement of net investment hedge



(3,716)



-

Gain on sale of Canton Facility, net



-



(30,718)

Gain on disposal of business, net



-



(740)

Change in fair value of earn-out contingent consideration



-



1,215

Changes in operating assets and liabilities:







Accounts receivable, net



(15,481)



(17,175)

Inventories, net



(11,864)



(24,750)

Prepaid expenses and other assets



(15,538)



(3,084)

Accounts payable



16,577



13,610

Accrued expenses and other liabilities



7,689



(1,033)

Net cash used for operating activities



(17,818)



(22,641)








INVESTING ACTIVITIES:







Capital expenditures, including intangibles



(14,890)



(14,043)

Proceeds from sale of fixed assets



140



474

Proceeds from settlement of net investment hedge



3,820



-

Proceeds from disposal of business, net



-



1,050

Proceeds from sale of Canton Facility, net



-



35,167

Investment in venture capital fund, net



(450)



(1,599)

Net cash (used for) provided by investing activities



(11,380)



21,049








FINANCING ACTIVITIES:







Revolving credit facility borrowings



11,190



30,000

Revolving credit facility payments



(16,500)



(40,000)

Proceeds from issuance of debt



19,163



21,888

Repayments of debt



(20,358)



(25,082)

Earn-out consideration cash payment



(6,276)



-

Repurchase of Common Shares to satisfy employee tax withholding



(699)



(2,349)

Net cash used for financing activities



(13,480)



(15,543)








Effect of exchange rate changes on cash and cash equivalents



(2,177)



(1,197)

Net change in cash and cash equivalents



(44,855)



(18,332)

Cash and cash equivalents at beginning of period



85,547



73,919








Cash and cash equivalents at end of period


$

40,692


$

55,587








Supplemental disclosure of cash flow information:







Cash paid for interest, net


$

3,022


$

3,468

Cash paid for income taxes, net


$

3,936


$

6,645

 

Regulation G Non-GAAP Financial Measure Reconciliations






Reconciliation to US GAAP 






Exhibit 1 - Adjusted EPS






Reconciliation of Q2 2022 Adjusted EPS

(USD in millions)

Q2 2022

Q2 2022 EPS

Net Loss

$              (7.3)

$            (0.27)




Add: After-Tax Brazilian Indirect Tax Credit

(0.6)

(0.02)

Adjusted Net Loss

$              (7.9)

$            (0.29)




Reconciliation of Q1 2022 Adjusted EPS

(USD in millions)

Q1 2022

Q1 2022 EPS

Net Loss

$              (7.7)

$            (0.28)




Add: After-Tax Write-off of Deferred Financing Fees

0.4

0.01

Adjusted Net Loss

$              (7.4)

$            (0.27)

 

Exhibit 2 ? Adjusted EBITDA  












Reconciliation of Adjusted EBITDA

(USD in millions)

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Income (Loss) Before Tax

$              25.6

$              (9.8)

$              (3.9)

$              (6.2)

$              (6.9)

Interest expense, net

1.9

1.4

0.1

1.8

1.2

Depreciation and amortization

8.5

8.2

8.7

8.7

8.5

EBITDA

$              36.0

$              (0.2)

$                5.0

$                4.3

$                2.8

Add: Pre-Tax Change in Fair Value of Earn-Out (Stoneridge Brazil)

1.1

0.2

0.6

-

-

Less: Pre-Tax TSA and Monetary Correction (Stoneridge Brazil)

-

-

(1.1)

-

-

Less: Pre-Tax Gain from Disposal of MSIL Joint Venture

-

-

(1.8)

-

-

Add: Pre-Tax Restructuring Costs

0.3

0.7

0.1

-

-

Less: Pre-Tax Gain on Sale of Canton Facility

(30.7)

-

-

-

-

Add: Pre-Tax Business Realignment Costs

0.1

1.1

0.0

0.0

-

Add: Pre-Tax Brazilian Indirect Tax Credit, Net

0.6

-

-

-

(0.6)

Less: Pre-Tax Gain from Disposal of Soot Sensor Business

-

-

(0.4)

-

-

Less: Pre-Tax Sale of Soot Sensor Product Inventory

-

-

0.1

-

-

Adjusted EBITDA

$                7.4

$                1.8

$                2.4

$                4.3

$                2.3

 

Exhibit 3 ? Adjusted Gross Profit








Reconciliation of Adjusted Gross Profit

(USD in millions)

Q2 2021

Q1 2022

Q2 2022

Gross Profit

$              42.8

$              41.4

$              38.6





Add: Pre-Tax Restructuring Costs

0.3

-

-

Add: Pre-Tax Business Realignment Costs

0.0

-

-

Adjusted Gross Profit

$              43.1

$              41.4

$              38.6













Exhibit 4 - Adjusted Operating Income








Reconciliation of Adjusted Operating Income (Loss)

(USD in millions)

Q2 2021

Q1 2022

Q2 2022

Operating Income (Loss)

$              26.7

$              (3.0)

$              (5.9)





Add: Pre-Tax Change in Fair Value of Earn-Out (Stoneridge Brazil)

1.1

-

-

Add: Pre-Tax Restructuring Costs

0.3

-

-

Less: Pre-Tax Gain on Sale of Canton Facility

(30.7)

-

-

Add: Pre-Tax Business Realignment Costs

0.1

-

-

Add: Pre-Tax Brazilian Indirect Tax Credit, Net

0.6

-

(0.6)

Adjusted Operating Loss

$              (1.9)

$              (3.0)

$              (6.5)

 

Exhibit 5 ? Segment Adjusted Operating Income








Reconciliation of Control Devices Adjusted Operating Income

(USD in millions)

Q2 2021

Q1 2022

Q2 2022

Control Devices Operating Income

$              37.1

$                6.8

$                4.1





Add: Pre-Tax Restructuring Costs

0.3

-

-

Less: Pre-Tax Gain on Sale of Canton Facility

(30.7)

-

-

Control Devices Adjusted Operating Income

$                6.6

$                6.8

$                4.1









Reconciliation of Electronics Adjusted Operating Loss

(USD in millions)

Q2 2021

Q1 2022

Q2 2022

Electronics Operating Loss

$              (1.8)

$              (2.7)

$              (2.5)





Electronics Adjusted Operating Loss

$              (1.8)

$              (2.7)

$              (2.5)









Reconciliation of Stoneridge Brazil Adjusted Operating Income (Loss)

(USD in millions)

Q2 2021

Q1 2022

Q2 2022

Stoneridge Brazil Operating Income (Loss)

$              (0.7)

$                0.5

$                1.0





Add: Pre-Tax Change in Fair Value of Earn-Out (Stoneridge Brazil)

1.1

-

-

Add: Pre-Tax Business Realignment Costs

0.1

0.0

-

Add: Pre-Tax Brazilian Indirect Tax Credit, Net

0.6

-

(0.6)

Stoneridge Brazil Adjusted Operating Income

$                1.1

$                0.5

$                0.4













Exhibit 6 ? Adjusted Sales








Reconciliation of Adjusted Sales

(USD in millions)

Q2 2021

Q1 2022

Q2 2022

Sales

$            191.3

$            221.1

$            220.9





Less: Sales from Spot Purchase Recoveries

-

(24.4)

(15.3)

Adjusted Sales

$            191.3

$            196.6

$            205.7













Exhibit 7 ? Control Devices Adjusted Sales








Reconciliation of Control Devices Adjusted Sales Excluding Disposed Soot Sensor Business

(USD in millions)

Q2 2021

Q1 2022

Q2 2022

Control Devices Sales

$              86.7

$              85.0

$              85.0





Less: Sales from Disposed Soot Sensor Business

(2.3)

-

-

Control Devices Adjusted Sales Excluding Disposed Soot Sensor Business

$              84.4

$              85.0

$              85.0













Exhibit 8 ? Control Devices Adjusted Operating Income Excluding Disposed Soot Sensor Business







Reconciliation of Control Devices Adjusted Operating Income Excluding Disposed Soot Sensor Business

(USD in millions)

Q2 2021

Q1 2022

Q2 2022

Control Devices Adjusted Operating Income

$                6.6

$                6.8

$                4.1





Less: Pre-Tax Operating Loss from Disposed Soot Sensor Business

(0.7)

-

-

Control Devices Adjusted Operating Income Excluding Disposed Soot Sensor Business

$                6.0

$                6.8

$                4.1













Exhibit 9 ? Electronics Adjusted Sales








Reconciliation of Electronics Adjusted Sales

(USD in millions)

Q2 2021

Q1 2022

Q2 2022

Electronics Sales

$              97.3

$            132.7

$            130.4





Less: Sales from Spot Purchase Recoveries

-

(24.4)

(15.3)

Electronics Adjusted Sales

$              97.3

$            108.3

$            115.1

 

Exhibit 10 ? Adjusted Tax Rate






Reconciliation of Adjusted Tax Rate

(USD in millions)

Q2 2022

Tax Rate

Loss Before Tax

$              (6.9)





Add: Pre-Tax Brazilian Indirect Tax Credit

(0.8)


Adjusted Loss Before Tax

$              (7.7)





Income Tax Expense

0.4

(6.0 %)




Add: Tax Impact from Pre-Tax Adjustments

(0.2)





Adjusted Income Tax Expense

$                0.2

(2.8 %)

 

Exhibit 11 ? Adjusted Q2 Results Excluding FX Impact




Reconciliation of Adjusted Sales Ex. FX Impact*


(USD in millions)

Q2 2022

Adjusted Sales

$            205.7



Add: FX Impact 

1.6

Adjusted Sales Ex. FX Impact

$            207.3





Reconciliation of Gross Profit Ex. FX Impact*


(USD in millions)

Q2 2022

Gross Profit

$              38.6



Add: FX Impact

2.3

Gross Profit Ex. FX Impact

$              40.8





Reconciliation of Adjusted Operating Loss Ex. FX Impact*


(USD in millions)

Q2 2022

Adjusted Operating Loss

$              (6.5)



Add: FX Impact 

1.6

Adjusted Operating Loss Ex. FX Impact

$              (4.9)





Reconciliation of Adjusted EBITDA Ex. FX Impact*


(USD in millions)

Q2 2022

Adjusted EBITDA

$                2.3



Add: FX Impact 

(0.3)

Adjusted EBITDA Ex. FX Impact

$                2.0





Reconciliation of Electronics Adjusted Sales Ex. FX Impact*


(USD in millions)

Q2 2022

Electronics Adjusted Sales

$            115.1



Add: FX Impact 

1.8

Electronics Adjusted Sales Ex. FX Impact

$            117.0





Reconciliation of Electronics Operating Loss Ex. FX Impact*


(USD in millions)

Q2 2022

Electronics Operating Loss

$              (2.5)



Add: FX Impact 

2.1

Electronics Operating Loss Ex. FX Impact

$              (0.5)

 

*Adjusted for estimated foreign currency translation and transaction impact using first quarter average foreign currency rates

 

SOURCE Stoneridge, Inc.


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at 17:20
The Limestone Boat Company Limited (the "Company") ? owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats ? today reports its financial results for the three and nine months ended September 30, 2022 ("Q3 FY 2022"). All dollar...

at 17:17
Salesforce , the global leader in CRM, today unveiled its 2022 Cyber Week figures, analyzing shopping data from over 1.5...

at 17:14
Gross profit continues to improve with the shift in product mix SUMMARY Revenue totaled $24.1 million in the three months ended September 30, 2022, including incremental sales in the quarter from higher margin product categories such as plant-based...

at 17:11
Noble Corporation plc ("Noble") hereby announces the publication of a current report on Form 8-K regarding the entry into of a new term facility agreement among The Drilling Company of 1972 A/S, as the Borrower (the "Borrower"), Noble, as parent...

at 17:10
Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the third quarter of 2022. CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) CONSOLIDATED BALANCE SHEETS...

at 17:10
The Amherst Group, LLC ("Amherst"), a real estate investment, development and operating platform, is proud to announce the launch of the firm's inaugural "Day of Giving Back." Amherst's Day of Giving Back, taking place on Thursday, December 8, will...



News published on 3 august 2022 at 16:57 and distributed by: