STONERIDGE, INC. (NYSE:SRI) Files An 8-K Results of Operations and Financial ConditionITEM 2.02
On May 2, 2018, Stoneridge, Inc. (the “Company”) issued a press release announcing its results for the first quarter ended March 31, 2018.A copy of the press release is attached hereto as Exhibit 99.1. On May 3, 2018, members of the Company’s management are holding a first quarter 2018 earnings conference call discussing the Company’s financial results and the presentation furnished herewith as Exhibit 99.2, accompanies management’s comments.
The press release and earnings conference call presentation contain certain non-GAAP financial measures Adjusted Gross Profit, Adjusted Operating Income, Adjusted Net Income Attributable to Stoneridge, Inc. (“Adjusted Net Income”), Adjusted Earnings per Diluted Share Attributable to Stoneridge Inc. (“Adjusted EPS”) and Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”). Management believes that the presentation of the non-GAAP financial measures used in the press release and earnings conference call presentation are useful to both management and investors in their analysis of the Company’s financial position, results of operations and expected results of operations because the Adjusted Gross Profit, Adjusted Operating Income, Adjusted Net Income, Adjusted EPS and Adjusted EBITDA non-GAAP financial measures facilitate a period to period comparison of operating results by excluding significant unusual, non-recurring items in 2018 and 2017. For 2018, these items relate to the after-tax and pre-tax step-up in fair value of the earn-out considerations, related to the acquisitions of Orlaco and the remaining 26% minority interested in PST, after-tax and pre-tax business realignment costs and pre-tax allocation of centralized procurement and operations functions for each of our segments. For 2017, these items relate to the after-tax and pre-tax transaction costs related to the acquisition of Orlaco the after-tax and pre-tax step-up in acquired Orlaco inventory and the pre-tax property, plant and equipment gain on insurance proceeds. EBITDA represents the sum of net income, interest, income taxes, depreciation and amortization. These non-GAAP financial measures, however, should not be considered in isolation or as a substitute for the most comparable GAAP financial measures. Investors are cautioned that non-GAAP financial measures utilized by the Company may not be comparable to non-GAAP financial measures used by other companies. Adjusted Gross Profit, Adjusted Operating Income, Adjusted Net Income, Adjusted EPS and Adjusted EBITDA, should not be considered a substitute for Gross Profit, Operating Income, Net Income and Earnings per Share prepared in accordance with GAAP.
| ITEM 7.01 | Regulation FD Disclosure. |
The information set forth in Item 2.02 above is hereby incorporated herein by reference.
The information in this report, including the press release and earnings conference call presentation furnished as Exhibits 99.1 and 99.2 hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. In addition, the exhibits furnished herewith contain statements intended as “forward-looking statements” that are subject to the cautionary statements about forward-looking statements set forth in such exhibits.
We have adjusted our previously provided December 31, 2017 backlog. Our revised December 31, 2017 backlog is $3.3 billion, reflecting awarded business, as well as forecasted market data and foreign currency exchange rates as of December 31, 2017.
| ITEM 9.01 | Financial Statements and Exhibits. |
STONERIDGE INC ExhibitEX-99.1 2 tv492862_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 FOR IMMEDIATE RELEASE STONERIDGE REPORTS STRONG FIRST-QUARTER 2018 RESULTS INCREASES 2018 GUIDANCE FOR SALES AND ADJUSTED EARNINGS PER SHARE; REAFFIRMS PREVIOUSLY PROVIDED MARGIN GUIDANCE ANNOUNCES SIGNIFICANT PENDING BUSINESS AWARDS IN KEY TECHNOLOGIES GLOBALLY 2018 First-Quarter Results ·Earnings per diluted share attributable to Stoneridge,…To view the full exhibit click here
About STONERIDGE, INC. (NYSE:SRI)
Stoneridge, Inc. is a designer and manufacturer of engineered electrical and electronic components, modules and systems for the automotive, commercial, motorcycle, off-highway and agricultural vehicle markets. The Company operates through three segments: Control Devices, Electronics and PST. The Company’s Control Devices segment designs and manufactures products that monitor, measure or activate specific functions within a vehicle and includes product lines, such as sensors, switches, valves, and actuators. The Company’s Electronics segment designs and manufactures electronic instrument clusters, electronic control units and driver information systems. The PST segment is engaged in the design, manufacture and sale of in-vehicle audio and video devices, electronic vehicle security alarms, convenience accessories, vehicle tracking devices and monitoring services primarily for the automotive and motorcycle industry. It operates in approximately 30 locations in over 10 countries.