FIRST QUARTER REVENUE AND EARNINGS
OUTPERFORM PREVIOUSLY PROVIDED EXPECTATIONS
REAFFIRMING 2023 FULL-YEAR
GUIDANCE
2023 First Quarter Results
- Sales of $241.3
million
- Adjusted sales of $232.2
million
- Gross profit of $42.8
million
- Adjusted gross profit of $43.0
million (18.5% of adjusted sales)
- Operating loss of $(4.0)
million
- Adjusted operating loss of $(3.4)
million ((1.5)% of adjusted sales)
- Adjusted EBITDA of $3.6
million (1.5% of adjusted sales)
- Loss per share ("EPS") of $(0.27)
- Adjusted loss per share of $(0.25)
Reaffirming 2023 Full-year Guidance
- Adjusted EPS of $(0.10) -
$0.10 (break-even midpoint)
- Adjusted sales of $960.0 -
$990.0 million
- Adjusted gross margin of 20.5% - 21.25%
- Adjusted operating margin of 1.5% - 2.25%
- Adjusted EBITDA margin of 5.3% - 5.9% ($50.9 - $58.4
million)
- Updating adjusted tax expense guidance to $3.0 to $4.0
million (mid-point improvement of $1.5 million expected to largely be offset by
incremental interest expense)
NOVI,
Mich., May 3, 2023 /PRNewswire/ -- Stoneridge,
Inc. (NYSE: SRI) today announced financial results for the first
quarter ended March 31, 2023, with
sales of $241.3 million and loss per
share of $(0.27). Adjusted
sales for the first quarter were $232.2
million and adjusted EPS was $(0.25). Sales were adjusted to normalize the
impact of electronic component spot buys recovered from customers
of $9.1 million for the first quarter
of 2023. The exhibits attached hereto provide reconciliation detail
on this and all other normalizing adjustments of Non-GAAP financial
measures used in this press release.
For the first quarter of 2023, Stoneridge reported gross profit
of $42.8 million and adjusted gross
profit of $43.0 million (18.5% of adjusted
sales). Operating loss was $(4.0)
million and adjusted operating loss was
$(3.4) million ((1.5)% of adjusted sales). Adjusted
EBITDA was $3.6 million (1.5% of
adjusted sales).
Jim Zizelman, president and chief
executive officer, commented, "Our first quarter financial
performance exceeded the expectations that we outlined on our
fourth quarter earnings call for both adjusted revenue and adjusted
earnings per share primarily driven by strong revenue growth in our
commercial vehicle end-markets and effective management of
operating costs. We remain focused on operational excellence within
our manufacturing facilities to drive gross margin improvement.
Similarly, we expect margin expansion as we progress through the
year as we finalize customer price agreements, recognize fixed cost
leverage on revenue growth and focus on continued structural cost
reductions."
Zizelman continued, "Despite continued macroeconomic challenges
in the first quarter of 2023, we remained focused on executing on
our long-term growth strategy. In Control Devices, our first drive
clutch actuator program, often referred to as the e-axle disconnect
actuator, is one of the enabling technologies on the recently
announced Corvette E-Ray. This actuator helps to enable the first
electric all-wheel drive system that works in tandem with a V8
engine to optimize performance and represents another step forward
in our powertrain electrification and actuation strategy.
Similarly, we continued to make progress with our MirrorEye
platform, focusing on our first OEM program in North America that launched in mid-April.
Utilizing our existing platform, this system is unique in that it
includes the camera embedded in a smaller production mirror to
comply with the NHTSA requirements. These products showcase the
execution of our long-term strategy across our entire portfolio as
we continue to provide industry leading technologies to our
customers."
First Quarter in Review
Control Devices sales totaled $86.7
million, an increase of 2.0% relative to sales in the first
quarter of 2022. This increase was primarily due to higher sales
volumes in the North America
passenger vehicle end-market, including incremental revenue from
high demand actuation programs, partially offset by reductions in
customer production volumes in China end-markets, particularly in the
beginning of the quarter. First quarter adjusted operating
margin was 1.6%, a 640 basis point reduction relative to the first
quarter of 2022, primarily due to higher material costs as a result
of unfavorable product mix and inflation, increased labor costs and
relatively higher SG&A costs primarily due to a one-time
favorable legal settlement recognized in the first quarter of
2022.
Electronics adjusted sales totaled $140.5
million, an increase of 29.8% relative to sales in the first
quarter of 2022. This increase was driven by higher sales volumes
in the commercial vehicle end-markets, including incremental sales
from the ramp-up of recently-launched programs. This growth was
partially offset by lower sales volume in the European off-highway
vehicle end-market, primarily in the beginning of the quarter, and
the unfavorable impact of foreign currency relative to the first
quarter of 2022. First quarter adjusted operating margin was 1.2%,
an improvement of 370 basis points relative to the first quarter of
2022 primarily due to increased contribution margin from higher
sales, offset by an increase in material costs due to unfavorable
foreign currency impact and inflation.
Stoneridge Brazil sales were $14.3
million, an increase of 18.4% relative to sales in the first
quarter of 2022, primarily due to higher sales in OEM products.
First quarter adjusted operating margin was 9.4%, an improvement of
approximately 500 basis points, primarily due to contribution on
higher sales.
Cash and Debt Balances
As of March 31, 2023, Stoneridge had cash and cash
equivalents balances totaling $35.2
million. Total debt as of March 31,
2023 was $168.8 million.
The Company remains in compliance with the amended credit
facility and expects to remain in compliance for the remainder of
the year as financial performance is expected to continue to
improve resulting in reduced leverage ratios.
The Company continues to focus on operating performance and
working capital improvement to drive cash performance. As a result,
the Company continues to expect that the net debt to EBITDA ratio
will return to a more normalized level by the end of 2023 and is
targeting a long-term net debt to EBITDA leverage ratio under
2.5x.
2023 Outlook
The Company reaffirmed its 2023 full-year guidance including
adjusted sales guidance of $960.0
million to $990.0 million,
adjusted gross margin guidance of 20.5% to 21.25%, adjusted
operating margin guidance of 1.5% to 2.25% and adjusted EBITDA of
$50.9 million to $58.4 million or 5.3% - 5.9% of adjusted
sales.
The Company also reaffirmed full-year adjusted earnings per
share guidance of $(0.10) to
$0.10. The Company is reducing
its full-year adjusted tax expense expectations to $3.0 million - $4.0
million. This represents a midpoint reduction of
$1.5 million that is expected to be
partially offset by incremental interest expense.
Matt Horvath, chief financial
officer, commented "First quarter performance exceeded our
previously provided expectations from both an adjusted revenue and
adjusted EPS perspective, putting us in a good position to achieve
our full-year 2023 guidance. As a result, we are reaffirming our
full-year guidance with some relatively minor and offsetting
adjustments to expected tax and interest expense."
Horvath concluded, "We remain focused on operational excellence
within our manufacturing facilities to drive gross margin
improvement as well as continued price negotiations with our
customers to offset incremental input costs including material and
labor-related costs. Similarly, we expect to carefully manage our
cost structure to ensure that the revenue growth we expect for the
remainder of the year drives earnings performance going
forward."
Conference Call on the Web
A live Internet broadcast
of Stoneridge's conference call regarding 2023 first quarter
results can be accessed at 9:00 a.m. Eastern
Time on Thursday, May 4, 2023, at www.stoneridge.com, which
will also offer a webcast replay.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered
in Novi, Michigan, is a global
designer and manufacturer of highly engineered electrical and
electronic systems, components and modules for the automotive,
commercial, off-highway and agricultural vehicle markets.
Additional information about Stoneridge can be found at
www.stoneridge.com.
Forward-Looking Statements
Statements in this press
release contain "forward-looking statements" under the Private
Securities Litigation Reform Act of 1995. These statements appear
in a number of places in this report and may include statements
regarding the intent, belief or current expectations of the
Company, with respect to, among other things, our (i) future
product and facility expansion, (ii) acquisition strategy, (iii)
investments and new product development, (iv) growth opportunities
related to awarded business, and (v) operational expectations.
Forward-looking statements may be identified by the words "will,"
"may," "should," "designed to," "believes," "plans," "projects,"
"intends," "expects," "estimates," "anticipates," "continue," and
similar words and expressions. The forward-looking statements are
subject to risks and uncertainties that could cause actual events
or results to differ materially from those expressed in or implied
by the statements. Important factors that could cause actual
results to differ materially from those in the forward-looking
statements include, among other factors:
- the ability of our suppliers to supply us with parts and
components at competitive prices on a timely basis, including the
impact of potential tariffs and trade considerations on their
operations and output;
- fluctuations in the cost and availability of key materials
(including semiconductors, printed circuit boards, resin, aluminum,
steel and copper) and components and our ability to offset cost
increases through negotiated price increases with our customers or
other cost reduction actions, as necessary;
- global economic trends, competition and geopolitical risks,
including impacts from the ongoing conflict between Russia and Ukraine and the related sanctions and other
measures, or an escalation of sanctions, tariffs or other trade
tensions between the U.S. and China or other countries;
- our ability to achieve cost reductions that offset or exceed
customer-mandated selling price reductions;
- the impact of COVID-19, or other future pandemics, on the
global economy, and on our customers, suppliers, employees,
business and cash flows;
- the reduced purchases, loss or bankruptcy of a major customer
or supplier;
- the costs and timing of business realignment, facility closures
or similar actions;
- a significant change in automotive, commercial, off-highway or
agricultural vehicle production;
- competitive market conditions and resulting effects on sales
and pricing;
- foreign currency fluctuations and our ability to manage those
impacts;
- customer acceptance of new products;
- our ability to successfully launch/produce products for awarded
business;
- adverse changes in laws, government regulations or market
conditions, including tariffs, affecting our products or our
customers' products;
- our ability to protect our intellectual property and
successfully defend against assertions made against us;
- liabilities arising from warranty claims, product recall or
field actions, product liability and legal proceedings to which we
are or may become a party, or the impact of product recall or field
actions on our customers;
- labor disruptions at our facilities or at any of our
significant customers or suppliers;
- business disruptions due to natural disasters or other
disasters outside of our control;
- the amount of our indebtedness and the restrictive covenants
contained in the agreements governing our indebtedness, including
our revolving Credit Facility;
- capital availability or costs, including changes in interest
rates or market perceptions;
- the failure to achieve the successful integration of any
acquired company or business;
- risks related to a failure of our information technology
systems and networks, and risks associated with current and
emerging technology threats and damage from computer viruses,
unauthorized access, cyber-attack and other similar disruptions;
and
- the items described in Part I, Item IA ("Risk Factors") of our
10-K filed with the SEC.
The forward-looking statements contained herein represent our
estimates only as of the date of this release and should not be
relied upon as representing our estimates as of any subsequent
date. While we may elect to update these forward-looking
statements at some point in the future, we specifically disclaim
any obligation to do so, whether to reflect actual results, changes
in assumptions, changes in other factors affecting such
forward-looking statements or otherwise.
Use of Non-GAAP Financial Information
This press
release contains information about the Company's financial results
that is not presented in accordance with accounting principles
generally accepted in the United
States ("GAAP"). Such non-GAAP financial measures are
reconciled to their closest GAAP financial measures at the end of
this press release. The provision of these non-GAAP financial
measures for 2023 and 2022 is not intended to indicate that
Stoneridge is explicitly or implicitly providing projections on
those non-GAAP financial measures, and actual results for such
measures are likely to vary from those presented. The
reconciliations include all information reasonably available to the
Company at the date of this press release and the adjustments that
management can reasonably predict.
Management believes the non-GAAP financial measures used in this
press release are useful to both management and investors in their
analysis of the Company's financial position and results of
operations. In particular, management believes that adjusted sales,
adjusted gross profit and margin, adjusted operating income (loss)
and margin, adjusted loss before tax, adjusted net loss, adjusted
earnings, loss per share, adjusted EBITDA, adjusted EBITDA margin,
adjusted tax expense (benefit) and adjusted tax rate are useful
measures in assessing the Company's financial performance by
excluding certain items that are not indicative of the Company's
core operating performance or that may obscure trends useful in
evaluating the Company's continuing operating activities.
Management also believes that these measures are useful to both
management and investors in their analysis of the Company's results
of operations and provide improved comparability between fiscal
periods.
Adjusted sales, adjusted gross profit and margin, adjusted
operating income (loss) and margin, adjusted loss before tax,
adjusted net loss, adjusted loss per share, adjusted EBITDA,
adjusted EBITDA margin, adjusted tax expense (benefit), adjusted
tax rate should not be considered in isolation or as a substitute
for sales, gross profit, operating income (loss), loss before tax,
net loss, loss per share, tax expense (benefit), tax rate, cash
provided by operating activities or other income statement or cash
flow statement data prepared in accordance with GAAP.
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(in
thousands)
|
|
March 31,
2023
|
|
December 31,
2022
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
35,165
|
|
$
54,798
|
Accounts receivable,
less reserves of $853 and $962, respectively
|
|
175,666
|
|
158,155
|
Inventories,
net
|
|
168,701
|
|
152,580
|
Prepaid expenses and
other current assets
|
|
43,604
|
|
44,018
|
Total current
assets
|
|
423,136
|
|
409,551
|
Long-term
assets:
|
|
|
|
|
Property, plant and
equipment, net
|
|
107,591
|
|
104,643
|
Intangible assets,
net
|
|
45,585
|
|
45,508
|
Goodwill
|
|
34,659
|
|
34,225
|
Operating lease
right-of-use asset
|
|
13,352
|
|
13,762
|
Investments and other
long-term assets, net
|
|
46,415
|
|
44,416
|
Total long-term
assets
|
|
247,602
|
|
242,554
|
Total assets
|
|
$
670,738
|
|
$
652,105
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
debt
|
|
$
1,456
|
|
$
1,450
|
Accounts
payable
|
|
131,996
|
|
110,202
|
Accrued expenses and
other current liabilities
|
|
68,547
|
|
66,040
|
Total current
liabilities
|
|
201,999
|
|
177,692
|
Long-term
liabilities:
|
|
|
|
|
Revolving credit
facility
|
|
167,393
|
|
167,802
|
Deferred income
taxes
|
|
8,310
|
|
8,498
|
Operating lease
long-term liability
|
|
10,043
|
|
10,594
|
Other long-term
liabilities
|
|
6,750
|
|
6,577
|
Total long-term
liabilities
|
|
192,496
|
|
193,471
|
Shareholders'
equity:
|
|
|
|
|
Preferred Shares,
without par value, 5,000 shares authorized, none issued
|
|
—
|
|
—
|
Common Shares, without
par value, 60,000 shares authorized, 28,966 and 28,966
shares issued and 27,513 and 27,341 shares outstanding at
March 31, 2023 and
December 31, 2022, respectively, with no stated
value
|
|
—
|
|
—
|
Additional paid-in
capital
|
|
225,956
|
|
232,758
|
Common Shares held in
treasury, 1,453 and 1,625 shares at March 31, 2023 and
December 31, 2022, respectively, at cost
|
|
(44,717)
|
|
(50,366)
|
Retained
earnings
|
|
194,306
|
|
201,692
|
Accumulated other
comprehensive loss
|
|
(99,302)
|
|
(103,142)
|
Total shareholders'
equity
|
|
276,243
|
|
280,942
|
Total liabilities and
shareholders' equity
|
|
$
670,738
|
|
$
652,105
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
Three months
ended
March 31,
|
(in thousands,
except per share data)
|
|
2023
|
|
2022
|
|
|
|
|
|
Net sales
|
|
$
241,325
|
|
$
221,058
|
Costs and
expenses:
|
|
|
|
|
Cost of goods
sold
|
|
198,523
|
|
179,615
|
Selling, general and
administrative
|
|
29,863
|
|
27,399
|
Design and
development
|
|
16,968
|
|
17,028
|
Operating
loss
|
|
(4,029)
|
|
(2,984)
|
Interest expense,
net
|
|
2,746
|
|
1,786
|
Equity in loss of
investee
|
|
171
|
|
81
|
Other expense,
net
|
|
1,148
|
|
1,331
|
Loss before income
taxes
|
|
(8,094)
|
|
(6,182)
|
(Benefit) provision for
income taxes
|
|
(708)
|
|
1,493
|
Net loss
|
|
$
(7,386)
|
|
$
(7,675)
|
|
|
|
|
|
Loss per
share:
|
|
|
|
|
Basic
|
|
$
(0.27)
|
|
$
(0.28)
|
Diluted
|
|
$
(0.27)
|
|
$
(0.28)
|
|
|
|
|
|
Weighted-average shares
outstanding:
|
|
|
|
|
Basic
|
|
27,349
|
|
27,199
|
Diluted
|
|
27,349
|
|
27,199
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
Three months ended
March 31, (in thousands)
|
|
2023
|
|
2022
|
|
|
|
|
|
OPERATING
ACTIVITIES:
|
|
|
|
|
Net loss
|
|
$
(7,386)
|
|
$
(7,675)
|
Adjustments to
reconcile net income (loss) to net cash provided by (used for)
operating activities:
|
|
|
|
|
Depreciation
|
|
6,573
|
|
6,877
|
Amortization,
including accretion and write-off of deferred financing
costs
|
|
1,946
|
|
2,357
|
Deferred income
taxes
|
|
(2,536)
|
|
(605)
|
Loss of equity method
investee
|
|
171
|
|
81
|
Gain on sale of fixed
assets
|
|
(886)
|
|
(94)
|
Share-based
compensation expense
|
|
69
|
|
1,098
|
Excess tax deficiency
related to share-based compensation expense
|
|
34
|
|
265
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Accounts receivable,
net
|
|
(16,833)
|
|
(6,129)
|
Inventories,
net
|
|
(15,228)
|
|
(9,812)
|
Prepaid expenses and
other assets
|
|
1,943
|
|
(12,842)
|
Accounts
payable
|
|
21,264
|
|
6,581
|
Accrued expenses and
other liabilities
|
|
1,687
|
|
87
|
Net cash used for
operating activities
|
|
(9,182)
|
|
(19,811)
|
|
|
|
|
|
INVESTING
ACTIVITIES:
|
|
|
|
|
Capital expenditures,
including intangibles
|
|
(10,110)
|
|
(7,368)
|
Proceeds from sale of
fixed assets
|
|
1,355
|
|
132
|
Net cash used for
investing activities
|
|
(8,755)
|
|
(7,236)
|
|
|
|
|
|
FINANCING
ACTIVITIES:
|
|
|
|
|
Revolving credit
facility borrowings
|
|
8,000
|
|
—
|
Revolving credit
facility payments
|
|
(8,568)
|
|
(16,000)
|
Proceeds from issuance
of debt
|
|
8,148
|
|
9,834
|
Repayments of
debt
|
|
(8,475)
|
|
(10,311)
|
Repurchase of Common
Shares to satisfy employee tax withholding
|
|
(1,224)
|
|
(669)
|
Net cash used for
financing activities
|
|
(2,119)
|
|
(17,146)
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
423
|
|
34
|
Net change in cash and
cash equivalents
|
|
(19,633)
|
|
(44,159)
|
Cash and cash
equivalents at beginning of period
|
|
54,798
|
|
85,547
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
$
35,165
|
|
$
41,388
|
|
|
|
|
|
Supplemental disclosure
of cash flow information:
|
|
|
|
|
Cash paid for
interest, net
|
|
$
2,494
|
|
$
1,435
|
Cash paid for income
taxes, net
|
|
$
2,611
|
|
$
1,491
|
Regulation G
Non-GAAP Financial Measure Reconciliations
|
|
Reconciliation to US
GAAP
|
|
Exhibit 1 -
Reconciliation of Adjusted EPS
|
|
(USD in millions,
except EPS)
|
Q1
2023
|
|
Q1 2023
EPS
|
Net
Loss
|
$
(7.4)
|
|
$
(0.27)
|
|
|
|
|
Add: After-Tax Business
Realignment Costs
|
1.0
|
|
0.04
|
Less: After-Tax Gain on
Disposal of Fixed Assets
|
(0.6)
|
|
(0.02)
|
Add: After-Tax
Environmental Remediation Costs
|
0.1
|
|
—
|
Adjusted Net
Loss
|
$
(6.9)
|
|
$
(0.25)
|
Exhibit 2 –
Reconciliation of Adjusted EBITDA
|
|
(USD in
millions)
|
Q1
2022
|
|
Q2
2022
|
|
Q3
2022
|
|
Q4
2022
|
|
Q1
2023
|
Income (Loss) Before
Tax
|
$
(6.2)
|
|
$
(6.9)
|
|
$
1.7
|
|
$
0.7
|
|
$
(8.1)
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
1.8
|
|
1.2
|
|
1.8
|
|
2.2
|
|
2.7
|
Depreciation and
amortization
|
8.7
|
|
8.5
|
|
8.3
|
|
8.2
|
|
8.3
|
EBITDA
|
$
4.3
|
|
$
2.8
|
|
$
11.8
|
|
$
11.1
|
|
$
3.0
|
|
|
|
|
|
|
|
|
|
|
Add: Pre-Tax Business
Realignment Costs
|
—
|
|
—
|
|
0.3
|
|
—
|
|
1.3
|
Less: Pre-Tax Gain on
Disposal of Fixed Assets
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.8)
|
Add: Pre-Tax
Environmental Remediation Costs
|
—
|
|
—
|
|
—
|
|
—
|
|
0.1
|
Add: Pre-Tax Brazilian
Indirect Tax Credits, Net
|
—
|
|
(0.6)
|
|
—
|
|
—
|
|
—
|
Adjusted
EBITDA
|
$
4.3
|
|
$
2.3
|
|
$
12.1
|
|
$
11.1
|
|
$
3.6
|
Exhibit 3 – Adjusted
Gross Profit
|
|
(USD in
millions)
|
Q1
2022
|
|
Q1
2023
|
Gross
Profit
|
$
41.4
|
|
$
42.8
|
|
|
|
|
Add: Pre-Tax Business
Realignment Costs
|
—
|
|
0.2
|
Adjusted Gross
Profit
|
$
41.4
|
|
$
43.0
|
Exhibit 4 - Adjusted
Operating Loss
|
|
(USD in
millions)
|
Q1
2022
|
|
Q1
2023
|
Operating
Loss
|
$
(3.0)
|
|
$
(4.0)
|
|
|
|
|
Add: Pre-Tax Business
Realignment Costs
|
—
|
|
1.3
|
Less: Pre-Tax Gain on
Disposal of Fixed Assets
|
—
|
|
(0.8)
|
Add: Pre-Tax
Environmental Remediation Costs
|
—
|
|
0.1
|
Adjusted Operating
Loss
|
$
(3.0)
|
|
$
(3.4)
|
Exhibit 5 – Segment
Adjusted Operating Income (Loss)
|
|
Reconciliation of
Control Devices Adjusted Operating Income
|
|
(USD in
millions)
|
Q1
2022
|
|
Q1
2023
|
Control Devices
Operating Income
|
$
6.8
|
|
$
2.1
|
|
|
|
|
Less: Pre-Tax Gain on
Disposal of Fixed Assets
|
—
|
|
(0.8)
|
Add: Pre-Tax
Environmental Remediation Costs
|
—
|
|
0.1
|
Control Devices
Adjusted Operating Income
|
$
6.8
|
|
$
1.4
|
|
Reconciliation of
Electronics Adjusted Operating Income (Loss)
|
|
(USD in
millions)
|
Q1
2022
|
|
Q1
2023
|
Electronics
Operating Income (Loss)
|
$
(2.7)
|
|
$
1.4
|
|
|
|
|
Add: Pre-Tax Business
Realignment Costs
|
—
|
|
0.3
|
Electronics Adjusted
Operating Income (Loss)
|
$
(2.7)
|
|
$
1.7
|
|
Reconciliation of
Stoneridge Brazil Adjusted Operating Income
|
|
(USD in
millions)
|
Q1
2022
|
|
Q1
2023
|
Stoneridge Brazil
Operating Income
|
$
0.5
|
|
$
1.3
|
|
|
|
|
Add: Pre-Tax Business
Realignment Costs
|
0.0
|
|
—
|
Stoneridge Brazil
Adjusted Operating Income
|
$
0.5
|
|
$
1.3
|
Exhibit 6 –
Reconciliation of Adjusted Sales
|
|
(USD in
millions)
|
Q1
2022
|
|
Q1
2023
|
Sales
|
$
221.1
|
|
$
241.3
|
|
|
|
|
Less: Sales from Spot
Purchase Recoveries
|
(24.4)
|
|
(9.1)
|
Adjusted
Sales
|
$
196.6
|
|
$
232.2
|
Exhibit 7 –
Reconciliation of Electronics Adjusted Sales
|
|
(USD in
millions)
|
Q1
2022
|
|
Q1
2023
|
Electronics
Sales
|
$
132.7
|
|
$
149.6
|
|
|
|
|
Less: Sales from Spot
Purchase Recoveries
|
(24.4)
|
|
(9.1)
|
Electronics Adjusted
Sales
|
$
108.3
|
|
$
140.5
|
Exhibit 8 –
Reconciliation of Adjusted Tax Rate
|
|
(USD in
millions)
|
Q1
2023
|
|
Tax
Rate
|
Loss Before
Tax
|
$
(8.1)
|
|
|
|
|
|
|
Add: Pre-Tax Business
Realignment Costs
|
1.3
|
|
|
Less: Pre-Tax Gain on
Disposal of Fixed Assets
|
(0.8)
|
|
|
Add: Pre-Tax
Environmental Remediation Costs
|
0.1
|
|
|
Adjusted Loss Before
Tax
|
$
(7.5)
|
|
|
|
|
|
|
Income Tax
Benefit
|
(0.7)
|
|
8.7 %
|
|
|
|
|
Add: Tax Impact from
Pre-Tax Adjustments
|
0.1
|
|
|
|
|
|
|
Adjusted Income Tax
Benefit
|
$
(0.6)
|
|
7.6 %
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/stoneridge-reports-first-quarter-2023-results-301815199.html
SOURCE Stoneridge, Inc.