Stoneridge, Inc. reported financial results for the third quarter ended September 30, 2024, with sales of $213.8 million, a decrease of 10% compared to the third quarter of 2023. The company posted a loss per share of $(0.26) and an adjusted EPS of $(0.24), alongside adjusted EBITDA of $9.2 million, or 4.3% of sales.
Segment performance showed Electronics sales decreasing by 4.7% to $135.7 million, primarily due to lower customer production volumes in European and North American commercial vehicle markets. Control Devices sales decreased by 17.5% to $74.3 million, driven by lower North American passenger vehicle demand and end-of-life programs. Stoneridge Brazil sales decreased by $0.5 million to $13.6 million.
The company updated its full-year 2024 guidance, lowering sales expectations to $895 million to $905 million, with adjusted loss per share guidance of $(0.35) to $(0.40). Adjusted EBITDA guidance was also reduced to $42 million to $44 million, or approximately 4.7% of sales, reflecting continued macroeconomic headwinds across major end markets.
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