Stoneridge (NYSE:SRI) Issues FY24 Earnings Guidance

Stoneridge (NYSE:SRI) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of ($0.40)-($0.35) for the period, compared to the consensus EPS 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.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SRI. Barrington Research restated an “outperform” rating and set a $16.00 price objective on shares of Stoneridge in a report on Thursday. Stephens began coverage on Stoneridge in a report on Monday, July 8th. They set an “overweight” rating for the company. Finally, StockNews.com upgraded shares of Stoneridge from a “hold” rating to a “buy” rating in a research report on Wednesday, August 14th.

Stoneridge Price Performance

Shares of NYSE SRI traded down $0.10 during midday trading on Friday, reaching $6.89. The company’s stock had a trading volume of 457,764 shares, compared to its average volume of 278,142. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.31 and a current ratio of 2.44. Stoneridge has a fifty-two week low of $6.76 and a fifty-two week high of $19.91. The business’s 50 day moving average price is $11.15 and its two-hundred day moving average price is $14.05. The company has a market cap of $190.78 million, a P/E ratio of -25.52 and a beta of 1.36.

Stoneridge (NYSE:SRI) last released its quarterly earnings results on Wednesday, October 30th. The auto parts company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.32). Stoneridge had a negative net margin of 0.81% and a negative return on equity of 0.42%. The business had revenue of $213.80 million during the quarter, compared to analyst estimates of $229.60 million. During the same quarter in the previous year, the firm posted $0.10 earnings per share. The firm’s quarterly revenue was down 10.2% on a year-over-year basis. On average, analysts forecast that Stoneridge will post -0.38 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.