{"id":20776,"date":"2012-02-13T13:13:00","date_gmt":"2012-02-13T13:13:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stoneridge-look-forward-to-2012-with-cautious-optimism\/20775\/"},"modified":"2012-02-13T13:13:00","modified_gmt":"2012-02-13T13:13:00","slug":"stoneridge-look-forward-to-2012-with-cautious-optimism","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stoneridge-look-forward-to-2012-with-cautious-optimism\/20776\/","title":{"rendered":"Stoneridge &#8211; Look forward to 2012 with cautious optimism"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2012\/02\/Stoneridge.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-20778\" title=\"Stoneridge\" src=\"https:\/\/storage.googleapis.com\/smw-news-wp\/2012\/02\/Stoneridge.png\" alt=\"\" width=\"103\" height=\"66\"><\/a>Stoneridge, Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=SRI\">NYSE: SRI<\/a>)<\/strong> announced financial results for the fourth quarter ended December 31, 2011.<\/p>\n<p>Fourth-quarter 2011 net sales were $186.0 million, an increase of $25.5 million, or 15.9%, compared with $160.5 million for the fourth quarter of 2010. The increase in net sales was primarily due to higher volume in the commercial vehicle market in North America.<\/p>\n<p>Net income for the fourth quarter of 2011 was $38.6 million, or $1.56 per diluted share, an increase of $34.0 million, or $1.37 per diluted share, compared with net income of $4.5 million, or $.19 per diluted share, in the fourth quarter of 2010. \u00a0The increase was primarily due to a $65.4 million pretax gain and a $42.5 million after-tax gain or $1.72 per share recognized in conjunction with Stoneridge&#8217;s previously announced purchase of additional ownership in its Brazil-based PST joint venture. Offsetting the positive impact of volume gains and the PST transaction during the quarter were certain costs associated with the PST transaction, other legacy projects and previous restructuring programs which totaled $9.1 million on a pretax basis or $.27 per share as well as other cost items associated with operations which totaled $5.5 million or $.21 per share.<\/p>\n<p><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>For the year ended December 31, 2011, the Company reported net sales of $765.4 million, compared with $635.2 million for the same period in 2010, an increase of $130.2 million, or 20.5%. Net income for 2011 was $49.4 million or $2.00 per diluted share and increased $37.8 million to $49.4 million, or $1.53 per diluted share, compared with $11.5 million, or $.47 per diluted share, for the year ended December 31, 2010.<\/p>\n<p>As of December 31, 2011, Stoneridge&#8217;s consolidated cash position was $78.8 million, an increase of $6.8 million from December 31, 2010, primarily due to cash borrowed and held to complete the final portion of the PST transaction.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Outlook<\/span><\/strong><\/p>\n<p>&#8220;We experienced a difficult year in 2011 due to operational underperformance in our wiring business. However, we have addressed the operating issues and have improved service levels and labor efficiency significantly. Our new business wins and growth in end markets drove a record sales year for Stoneridge,&#8221; said John C. Corey, president and chief executive officer.<\/p>\n<p>&#8220;Our results for the fourth quarter, excluding the gain recognized by the PST transaction, did not meet our expectations due to costs related to legacy issues from previous restructurings, PST transaction costs and cost items associated with valuation of assets. \u00a0While these costs negatively impacted the fourth quarter results, the improvements we have made in our operations will benefit us in 2012,&#8221; Corey said.<\/p>\n<p>Corey added, &#8220;We look forward to 2012 with cautious optimism. We expect to return to a more normal range for gross margin based on a weaker Mexican peso, lower <a href=\"https:\/\/thestockmarketwatch.com\/metal\/copper-price.aspx\">copper prices<\/a> and operational improvements. \u00a0Though there are risks associated with our plan in 2012, especially in the European commercial vehicle market and other economic uncertainties, we believe sales from our existing business along with sales from the PST consolidation will be in the range of $1.060 billion to $1.120 billion with an EPS in the range of $1.10 per diluted share to $1.30 per diluted share.&#8221;<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-in-red-on-retail-sales-data\/20849\"><br \/>\nStocks in Red on Retail Sales Data<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/snap-interactive-recognizing-and-leveraging-opportunities\/20847\"><br \/>\nSNAP Interactive &#8211; Recognizing and leveraging opportunities<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/natural-alternatives-twelfth-consecutive-quarter-of-operational-earnings-while-remaining-debt-free\/20846\"><br \/>\nNatural Alternatives &#8211; Twelfth consecutive quarter of operational earnings, while remaining debt free<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/capital-one-awaiting-fed-verdict-on-ing-direct-purchase\/20844\"><br \/>\nCapital One Awaiting FED Verdict on ING Direct Purchase<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/regal-entertainment-down-after-top-line-miss\/20843\"><br \/>\nRegal Entertainment Down after Top Line Miss<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-lower-in-early-trading-4\/20840\"><br \/>\nStocks Lower in Early Trading<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-marginally-lower-in-early-trading\/20838\"><br \/>\nGold and Silver Prices Marginally Lower in Early Trading<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Stoneridge, Inc. (NYSE: SRI) announced financial results for the fourth quarter ended December 31, 2011. Fourth-quarter 2011 net sales were [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[3],"tags":[2032],"class_list":["post-20776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-ssri"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/20776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=20776"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/20776\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50312"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=20776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=20776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=20776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}