Stoneridge Misses Expectations - Analyst Blog
04 Marzo 2013 - 3:40AM
Zacks
Stoneridge Inc. (SRI) posted a profit of $2.6
million or 10 cents per share in the fourth quarter of 2012 in
sharp contrast to a loss of $3.9 million or 16 cents per share in
the same quarter of 2011 (excluding gain related to the company’s
purchase of additional ownership in its Brazil-based PST joint
venture on Dec 29, 2011). However, earnings per share in the
quarter lagged the Zacks Consensus Estimate by 4 cents.
Revenues in the quarter went up 19.7% to $222.7 million, mainly due
to the consolidation of the operating results of PST. Excluding the
results of PST, revenues, in fact, declined 4.2% to $178.3 million
in the quarter due to lower sales in the company’s Wiring segment,
mainly to a large North American commercial vehicle customer, and
decreased sales to European commercial vehicle customers in the
company’s Electronics segment.
For 2012, Stoneridge reported a decline in profits to $5.4 million
or 20 cents per share from $6.9 million or 28 cents per share in
the prior year (excluding gain related to the company’s purchase of
additional ownership in PST). Earnings per share in the year were
lower than the Zacks Consensus Estimate of 25 cents.
Revenues escalated 22.6% to $938.5 million in the year due to the
consolidation of the operating results of PST. Excluding the
results of PST, revenues edged down 1.0% to $758.1 million due to
the same reasons that affected fourth quarter revenues.
Stoneridge had cash and cash equivalents of $44.6 million as of Dec
31, 2011, down from $78.7 million as of Dec 31, 2011. The fall in
cash balance was due to $19.8 million in cash used to finance the
final portion of the PST transaction, which was completed on Jan 5,
2012. The company also reduced its debt by $65.7 million
during the year.
The company’s long-term debt stood at $200.2 million as of Dec 31,
2012, translating into a long-term debt-capitalization ratio of
57.2%. This is compared with a long-term debt of $228.0 million or
63.5% as of Dec 31, 2011.
In 2012, the company’s net cash flow from operations was $75.5
million, a significant improvement from $921 thousand in the prior
year. Capital expenditures remained almost flat at $26.4 million
compared with $26.3 million in 2011.
Stoneridge, a Zacks Rank #4 (Sell) stock, designs and manufactures
engineered electrical and electronic components, modules, and
systems for the medium and heavy-duty truck, agricultural,
automotive, and off-highway vehicle markets, primarily in North
America and Europe.
While we try to avoid Stoneridge, a few stocks that are performing
well in the same industry are Active Power Inc.
(ACPW), InvenSense, Inc. (INVN) and
LightPath Technologies, Inc. (LPTH). They carry a
Zacks Rank #2 (Buy).
ACTIVE POWER (ACPW): Free Stock Analysis Report
INVENSENSE INC (INVN): Free Stock Analysis Report
LIGHTPATH TECH (LPTH): Get Free Report
STONERIDGE INC (SRI): Free Stock Analysis Report
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