Stoneridge (NYSE:SRI) Updates FY24 Earnings Guidance

Stoneridge (NYSE:SRI) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of ($0.40)-($0.35) for the period, compared to the consensus earnings per share 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.

Stoneridge Trading Down 1.4 %

NYSE:SRI traded down $0.10 during trading hours on Friday, hitting $6.89. 457,764 shares of the company were exchanged, compared to its average volume of 278,142. The stock has a market capitalization of $190.78 million, a price-to-earnings ratio of -25.52 and a beta of 1.36. The company has a current ratio of 2.44, a quick ratio of 1.31 and a debt-to-equity ratio of 0.72. Stoneridge has a one year low of $6.76 and a one year high of $19.91. The company has a fifty day simple moving average of $11.15 and a 200 day simple moving average of $14.05.

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

Analysts Set New Price Targets

SRI has been the subject of a number of recent analyst reports. Barrington Research reiterated an “outperform” rating and set a $16.00 price target on shares of Stoneridge in a report on Thursday. Stephens started coverage on Stoneridge in a research note on Monday, July 8th. They issued an “overweight” rating for the company. Finally, StockNews.com upgraded Stoneridge from a “hold” rating to a “buy” rating in a research note on Wednesday, August 14th.

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.