Market Pulse Archives

Oct. 13, 2021, 7:46 a.m. EDT

Stoneridge issues profit and sales warning for Q3 as supply chain snags and higher costs weigh on its OEM customers

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Stoneridge Inc. (SRI)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Ciara Linnane

Stoneridge Inc. /zigman2/quotes/208765999/composite SRI +3.62% , a Novi, Michigan-based maker of electrical and electronic vehicle systems, lowered its third-quarter guidance on Wednesday, and said the continued supply chain-related challenges and higher costs had reduced production schedules for its original equipment manufacturers, or OEM, customers. The company noted an IHS Markit forecast from Sept. 16 for third-quarter worldwide automotive production suggested its weighted average end-markets declined by about 13% f relative to assumptions made on its second-quarter earnings call. "The overall transportation industry continues to be challenged by the global pandemic and its aftermath," CEO Jon DeGaynor said in a statement. "Recent production shutdowns and altered production forecasts at our automotive and commercial vehicle OEM customers, often on short notice, have created volatility and had a negative impact on our financial results for the third quarter." The company is now expecting a third-quarter loss per share of 40 cents to 34 cents, and adjusted loss per share of 29 cents to 23 cents. Sales ae expected to come in at about $180 million. The FactSet consensus is for a loss per share of 10 cents and sales of $185 million. The company has raised prices to mitigate the higher costs, where possible. Shares were down 1.5% premarket and have lost 31% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.18% has gained 16%.

$ 22.62
+0.79 +3.62%
Volume: 160,177
Dec. 1, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$593.31 million
Rev. per Employee
-53.96 -1.18%
Volume: 3.04B
Dec. 1, 2021 5:04p

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.