Brief: Stoneridge Reports First-Quarter 2020 Results

Stoneridge

06/05/2020 23:35

May 6 (Reuters) - Stoneridge Inc  SRI.N :
    * STONERIDGE REPORTS FIRST-QUARTER 2020 RESULTS
    * Q1 ADJUSTED EARNINGS PER SHARE $0.20
    * Q1 EARNINGS PER SHARE $0.13
    * Q1 SALES $183 MILLION VERSUS REFINITIV IBES ESTIMATE OF
$182.2
MILLION
    * Q1 EARNINGS PER SHARE ESTIMATE $0.19 -- REFINITIV IBES
DATA
    * SEES FY 2020 REVENUE ABOUT $760 MILLION
    * ESTIMATED THAT IMPACT OF COVID-19 ON Q1 SALES AND ADJUSTED
OPERATING INCOME WAS $16.0 MILLION AND $4.7 MILLION RESPECTIVELY
    * TEMPORARILY SUSPENDING PREVIOUSLY ANNOUNCED SHARE
REPURCHASE
AUTHORIZATION
    * BASED ON CURRENT PRODUCTION FORECASTS WE ARE EXPECTING OEM
WEIGHTED-AVERAGE PRODUCTION LEVELS TO DECLINE BY APPROXIMATELY
23% IN 2020
    * BELIEVE THAT WE ARE WELL POSITIONED FINANCIALLY TO
WITHSTAND
DOWNTURN IN EXPECTED PRODUCTION VOLUMES IN 2020

Source text for Eikon:  ID:nPn17mbCDa 
Further company coverage:  SRI.N 

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