Stoneridge (NYSE:SRI) Releases FY24 Earnings Guidance

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

Stoneridge Price Performance

Shares of NYSE SRI traded down $0.10 during midday trading on Friday, hitting $6.89. The stock had a trading volume of 457,764 shares, compared to its average volume of 278,142. The company has a quick ratio of 1.31, a current ratio of 2.44 and a debt-to-equity ratio of 0.72. The stock has a 50 day simple moving average of $11.15 and a 200-day simple moving average of $14.05. The company has a market capitalization of $190.78 million, a PE ratio of -25.52 and a beta of 1.36. Stoneridge has a 1 year low of $6.76 and a 1 year high of $19.91.

Stoneridge (NYSE:SRI) last posted 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). The business had revenue of $213.80 million for the quarter, compared to analyst estimates of $229.60 million. Stoneridge had a negative return on equity of 0.42% and a negative net margin of 0.81%. The business’s revenue was down 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.10 earnings per share. On average, sell-side analysts expect that Stoneridge will post -0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SRI. Barrington Research reaffirmed an “outperform” rating and issued a $16.00 target price on shares of Stoneridge in a research note on Thursday. Stephens started coverage on shares of Stoneridge in a research note on Monday, July 8th. They set an “overweight” rating on the stock. Finally, StockNews.com raised shares of Stoneridge from a “hold” rating to a “buy” rating in a research note 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.