Stoneridge (NYSE:SRI) Issues 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.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Barrington Research reaffirmed an “outperform” rating and issued a $16.00 price target on shares of Stoneridge in a report on Thursday. Stephens assumed coverage on shares of Stoneridge in a research note on Monday, July 8th. They set an “overweight” rating for the company. Finally, StockNews.com raised shares of Stoneridge from a “hold” rating to a “buy” rating in a research note on Wednesday, August 14th.

Stoneridge Stock Performance

Stoneridge stock traded down $0.10 during midday trading on Friday, reaching $6.89. 457,764 shares of the stock traded hands, compared to its average volume of 278,142. The company has a current ratio of 2.44, a quick ratio of 1.31 and a debt-to-equity ratio of 0.72. The firm has a fifty day moving average price of $11.15 and a two-hundred day moving average price of $14.05. The firm has a market cap of $190.78 million, a price-to-earnings ratio of -25.52 and a beta of 1.36. Stoneridge has a fifty-two week low of $6.76 and a fifty-two week high of $19.91.

Stoneridge (NYSE:SRI) last posted its earnings results on Wednesday, October 30th. The auto parts company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.32). Stoneridge had a negative net margin of 0.81% and a negative return on equity of 0.42%. The firm had revenue of $213.80 million for the quarter, compared to analyst estimates of $229.60 million. During the same period in the previous year, the firm earned $0.10 earnings per share. The company’s revenue for the quarter was down 10.2% on a year-over-year basis. On average, equities research analysts forecast that Stoneridge will post -0.38 earnings per share for the current year.

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.