The following is a summary of the Stoneridge, Inc. (SRI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Stoneridge reported Q1 sales of $239.2 million, up by 3% from Q1 2023.
The company generated $9.1 million of operating cash during the quarter, an improvement of $18.3 million from the same period last year.
Gross margin improved by 170 basis points, operating margin by 160 basis points, and EBITDA margin by 120 basis points compared to Q1 of the previous year.
Stoneridge reduced its inventory balance by $7.9 million during the quarter, improving its leverage ratio by approximately a quarter of a turn.
Business Progress:
They launched the Smart 2 tachograph program in Europe, expecting approximately $60 million in revenue for 2024.
With upcoming MirrorEye OEM programs with Volvo and Peterbilt, and planned North American programs, the company anticipates significant earnings expansion.
Progress was made towards sustainability goals, reducing Scope 1 and Scope 2 greenhouse gas emissions by 18.6% and absolute water usage by 5.8%.
They maintained their full-year 2024 revenue guidance midpoint of $1 billion, intending to outperform their underlying end markets by 8 percentage points.
More details: Stoneridge IR
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