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Stoneridge Reports 3Q Net Income of $5 Million
WARREN, Ohio -- Stoneridge Inc. reports third-quarter net income of $5 million, or 19 cents per diluted share. This compares with net income of $400,000, or two cents per diluted share, for the third quarter of 2012.
The increase was attributed to higher sales compared with the same period in 2012.
Third-quarter net sales were $233.5 million, an increase of 6.5%, compared with $219.3 million in 2012. The increase was primarily the result of higher sales in the company's control devices and electronics business segments.
At Sept. 30, Stoneridge's consolidated cash position was $46.1 million, an increase of $1.5 million from Dec. 31. The company's increased cash position was the result of increased net income in 2013 partially offset by increases in net working capital and capital expenditures to support sales growth.
"Current-year sales were up compared to prior year as a result of new business sales in our control devices and electronics segments and volume increases," said John Corey, president and CEO, in a prepared statement "PST's sales were up 12.5% compared to last year on a local currency basis; however, on a U.S. dollar basis, PST's sales were flat because the Brazilian real devalued compared to the U.S. dollar by 12.5%.
"We have reported continued improvement in sales, operating earnings and net income in the third quarter in spite of the uncertainty in the economic environment," Corey continued. "Given this uncertainty and continuing weakness in the North American commercial vehicle market, which has not rebounded as forecast, we are encouraged by our continued sales performance and the contributions made to our net income over the past five quarters. Though the expected improvement in the North American commercial vehicle market and consumer confidence in Brazil remains uncertain, we have maintained our 2013 guidance of 75 cents to 95 cents per share as published on Feb. 7, though most likely at the lower end of this range."
Stoneridge Inc. is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the commercial vehicle, automotive and agricultural, motorcycle and off-highway vehicle markets.
Copyright 2013 The Business Journal, Youngstown, Ohio.
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