Last $13.12 USD
Change Today +0.23 / 1.78%
Volume 89.2K
SRI On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 10/30/14 All times are local (Market data is delayed by at least 15 minutes).

stoneridge inc (SRI) Snapshot

Open
$12.88
Previous Close
$12.89
Day High
$13.15
Day Low
$12.62
52 Week High
12/26/13 - $13.51
52 Week Low
05/20/14 - $8.68
Market Cap
370.6M
Average Volume 10 Days
70.9K
EPS TTM
$1.02
Shares Outstanding
28.2M
EX-Date
--
P/E TM
12.9x
Dividend
--
Dividend Yield
--
Current Stock Chart for STONERIDGE INC (SRI)

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stoneridge inc (SRI) Details

Stoneridge, Inc. designs and manufactures electrical and electronic components, modules, and systems for the commercial vehicle, automotive, agricultural, motorcycle, and off-highway vehicle markets in North America, South America, and Europe. It operates through four segments: Control Devices, Electronics, Wiring, and PST. The Control Devices segment provides sensors, switches, valves, and actuators, as well as other electronic products that monitor, measure, or activates specific functions within a vehicle; and electromechanical actuator products that enable original equipment manufacturers to deploy power functions in a vehicle and can be designed to integrate switching and control functions. The Electronics segment offers electronic instrument clusters, electronic control units, and driver information systems. Its products collect, store, and display vehicle information, such as speed, pressure, maintenance data, trip information, operator performance, temperature, distance traveled, and driver messages related to vehicle performance. This segment’s power distribution modules and systems regulate, coordinate, and direct the operation of the electrical system within a vehicle. The Wiring segment provides electrical power and signal distribution products and systems, primarily wiring harnesses and connectors; assembles instrument panels for the commercial vehicle market that are configured specifically to the original equipment manufacturer customer’s specifications. The PST segment offers electronic vehicle security alarms, convenience accessories, vehicle tracking devices and monitoring services, and in-vehicle audio and video devices. This segment’s products include alarms, convenience applications, vehicle monitoring and tracking devices, and infotainment systems. Stoneridge, Inc. was founded in 1965 and is headquartered in Warren, Ohio.

9,300 Employees
Last Reported Date: 03/7/14
Founded in 1965

stoneridge inc (SRI) Top Compensated Officers

Chief Executive Officer, President and Execut...
Total Annual Compensation: $700.0K
Chief Financial Officer, Pirncipal Accounting...
Total Annual Compensation: $357.5K
Vice President of Operations
Total Annual Compensation: $236.3K
Vice President and President of Control Devic...
Total Annual Compensation: $243.4K
President of Global Sales and Vice President
Total Annual Compensation: $300.0K
Compensation as of Fiscal Year 2013.

stoneridge inc (SRI) Key Developments

Stoneridge Redeems $157.5 Million of 9.5% Senior Secured Notes

Stoneridge Inc. announced that it has redeemed the remaining $157.5 million of its outstanding 9.5% Senior Secured Notes using $57.5 million in cash and $100.0 million in borrowings under its new $300.0 million Senior Secured Revolving Credit Facility. The cost of borrowing on the initial $100.0 million will be LIBOR plus 145 basis points.

Stoneridge Inc. Enters into New $300 Million Revolving Credit Facility

Stoneridge Inc. announced that on September 12, 2014, the company entered into a new $300.0 million Senior Secured Revolving Credit Facility. The new Credit Facility will replace the company's Asset-Based Facility and will be used to redeem the remaining $157.5 million of its outstanding Senior Secured 9.5% Notes (the "Notes"). The new Credit Facility uses a pricing grid to determine interest based on LIBOR plus a LIBOR margin and a facility fee. The company expects the initial LIBOR margin to be 145 basis points for borrowed amounts and the initial facility fee to be 30 basis points for the entire $300.0 million facility. In addition, the company expects initial borrowing under the new facility to approximate $110.0 million after redemption of the remaining notes which is expected to occur in mid-October, 2014. The company also announced it intends to cause the Notes Trustee to issue a Notice of Redemption to redeem the remaining Senior Secured 9.5% Notes (the "Notes"), or $157.5 million of Notes, for redemption at 104.75% of the principal amount of the Notes. Under the Notes Indenture, the Notes are redeemable on or after October 15, 2014, at a price of 104.75% of the principal amount of the Notes (plus accrued and unpaid interest). As a result of the new Credit Agreement and Notes redemption, the Company expects cash interest savings generated in the fourth quarter of 2014 to approximate $3.0 million, or $0.11 per share, compared with the prior-year interest expense, excluding the write-off of deferred financing fees and Note discount.

Stoneridge, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Reports Goodwill Impairment for the Second Quarter of 2014; Provides Earnings Guidance for the Full Year of 2014

Stoneridge Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. Second-quarter 2014 net sales were $162.1 million, a decrease of $7.7 million, or 4.6%, compared with $169.8 million for the second quarter of 2013. Operating loss was $23.221 million against operating income of $11.752 million a year ago. Loss from continuing operations was $28.569 million or $0.79 per diluted share against income from continuing operations of $6.413 million or $0.21 per diluted share a year ago. Net loss attributable to company was $21.892 million or $0.81 per diluted share against net income attributable to company of $5.757 million or $0.21 per diluted share a year ago. The decrease in the current quarter's net sales were due to decreased sales in the PST segment, which were partially offset by increased sales to European commercial vehicle customers in the Company's Electronics business segment and increased sales to North American automotive customers in the Company's Control Devices segment. The decrease in net income was primarily due to lower sales by PST across all of its product lines sold in Brazil, the overall Brazilian economy which grew less than 2% GDP in the second quarter, a significant slowdown in the automotive market and mass merchandisers/dealers who experienced a significant drop-off in consumer spending in the second quarter. Loss before income taxes from continuing operations was $28,479,000 compared to income before income taxes from continuing operations of $7,188,000 a year ago. For the six months, the company reported net sales of $323.430 million against $328.695 million a year ago. Operating loss was $16.787 million against operating income of $20.243 million a year ago. Loss from continuing operations was $29.037 million or $0.78 per diluted share against income from continuing operations of $9.581 million or $0.32 per diluted share a year ago. Net loss attributable to company was $20.424 million or $0.76 per diluted share against net income attributable to company of $9.880 million or $0.36 per diluted share a year ago. Net cash used in operating activities was $7.059 million against net cash provided by operating activities of $3.243 million a year ago. Capital expenditures were $12.605 million against $10.701 million a year ago. Loss before income taxes from continuing operations was $28,652,000 compared to income before income taxes from continuing operations of $11,047,000 a year ago. For the quarter, the company reported goodwill impairment of $29.300 million. With a modest second-half improvement that the company is expecting in the Brazilian market, it anticipates to reaching its full-year 2014 guidance for earnings per share from continuing operations of $0.55-$0.75 per share. This guidance excludes the goodwill impairment charge and any non-recurring charges for deferred financing fees for the refinancing initiative expect to accomplish early in the fourth quarter. The estimate for continuing operations also includes lower expected interest expense from lower debt balances and interest rates estimated to be $0.10 per share.

 

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Industry Analysis

SRI

Industry Average

Valuation SRI Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 0.4x
Price/Book 2.7x
Price/Cash Flow NM Not Meaningful
TEV/Sales 0.1x
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