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Net Income is $9.2 Million at Stoneridge Inc.
WARREN, Ohio -- Net sales at Stoneridge Inc. increased 10.3%to $176 million and net income jumped 32.5% to $9.2 million, or 40 cents per diluted share, for the first quarter, officials announced last week. The results are in comparison with the first quarter of 2003.The increase in sales was primarily due to increased orders in the company's commercial vehicle businesses and, to a lesser extent, favorable foreign currency translation.""The strength of Stoneridge's business model, to serve diverse customers and markets, was apparent in our first-quarter results,"" says D.M. Draime, chairman and interim chief executive officer. ""The increases in net income and diluted earnings per share reflect our participation in the commercial vehicle market recovery as well as benefits from debt reduction."" Based on the current industry outlook, Stoneridge officials anticipate second-quarter 2004 net income to be in the range of 35 cents to 40 cents per diluted share. For the full year 2004, net income is expected to be in the range of $1.10 to $1.20 per diluted shareStoneridge Inc. is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the automotive, medium- and heavy-duty truck, agricultural and off-road vehicle markets. "