Q3 2024 Stoneridge Inc Earnings Call Transcript
Key Points
- Stoneridge Inc (SRI) generated $13.3 million in cash during the first nine months of 2024, marking an improvement of $31.3 million compared to the same period in 2023.
- The company has made significant progress with its MirrorEye technology, which is becoming standard equipment on several customer models, indicating strong market acceptance.
- Stoneridge Inc (SRI) announced a new award for its leak detection module, a strategic technology poised for growth amid the global hybrid vehicle expansion.
- The company has successfully reduced inventory by $11.3 million, contributing to improved cash performance.
- Stoneridge Inc (SRI) continues to expand its retrofit applications with new partnerships, demonstrating broader market acceptance of its MirrorEye technology.
- Third quarter sales decreased by 9.8% compared to the second quarter, impacted by macroeconomic pressures and typical seasonality.
- Adjusted Operating Margin declined by 200 basis points over the second quarter, primarily due to lower gross margin.
- Adjusted EBITDA margin fell by 250 basis points versus the second quarter, driven by unfavorable sales mix and macroeconomic pressures.
- The company updated its full-year 2024 revenue guidance to $900 million, down from the previous midpoint of $1 billion, due to continued production headwinds.
- MirrorEye revenue for the year is expected to be lower than initially anticipated, with a slower-than-expected ramp-up in North America.
Good day and welcome to the Stoneridge Inc third quarter 2024 results conference call. All participants will be in listen-only mode. Should you need assistance? Please signal a conference specialist by pressing the star key followed by zero.
After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To install your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Kelly Harvey, Director of Investor Relations. Please go ahead.
Good morning, everyone and thank you for joining us to discuss our third quarter 2024 results. The release and accompanying presentation was filed with the SEC, and it's posted on our website at Stoneridge.com in the investors section under presentations and events. Joining me on today's call are Jim Zizelman, our President and Chief Executive Officer and Matt Horvath, our Chief Financial Officer.
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