Stoneridge (NYSE:SRI) Releases 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.

Stoneridge Price Performance

Shares of SRI stock traded down $0.17 on Wednesday, reaching $9.28. The company’s stock had a trading volume of 205,414 shares, compared to its average volume of 147,146. The company has a market capitalization of $256.87 million, a price-to-earnings ratio of 132.57 and a beta of 1.31. The stock’s fifty day simple moving average is $11.51 and its 200-day simple moving average is $14.19. The company has a current ratio of 2.27, a quick ratio of 1.31 and a debt-to-equity ratio of 0.69. Stoneridge has a 1 year low of $8.94 and a 1 year high of $19.91.

Stoneridge (NYSE:SRI) last announced its earnings results on Wednesday, July 31st. The auto parts company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.19. Stoneridge had a net margin of 0.19% and a return on equity of 3.03%. The firm had revenue of $237.10 million for the quarter, compared to analysts’ expectations of $242.90 million. During the same period in the prior year, the company earned ($0.05) EPS. The business’s revenue was down 11.1% compared to the same quarter last year. Analysts forecast that Stoneridge will post 0.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on SRI. Stephens began coverage on Stoneridge in a report on Monday, July 8th. They set an “overweight” rating on the stock. StockNews.com raised shares of Stoneridge from a “hold” rating to a “buy” rating in a research note on Wednesday, August 14th.

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.