Stoneridge (NYSE:SRI) Issues FY 2024 Earnings Guidance

Stoneridge (NYSE:SRI) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of -0.400–0.350 for the period, compared to the consensus EPS estimate of 0.200. The company issued revenue guidance of $895.0 million-$905.0 million, compared to the consensus revenue estimate of $944.9 million. Stoneridge also updated its FY24 guidance to ($0.40)-($0.35) EPS.

Stoneridge Price Performance

Shares of NYSE SRI traded down $0.17 during trading on Wednesday, hitting $9.28. The company had a trading volume of 205,414 shares, compared to its average volume of 147,146. Stoneridge has a 52 week low of $8.94 and a 52 week high of $19.91. The business’s 50-day moving average is $11.51 and its 200 day moving average is $14.19. The company has a market cap of $256.87 million, a P/E ratio of 132.57 and a beta of 1.31. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.31 and a current ratio of 2.27.

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

Analysts Set New Price Targets

Several research analysts have commented on SRI shares. Stephens initiated coverage on shares of Stoneridge in a report on Monday, July 8th. They issued an “overweight” rating for the company. StockNews.com upgraded shares of Stoneridge from a “hold” rating to a “buy” rating in a research report on Wednesday, August 14th.

Stoneridge Company Profile

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.