Technology
ALLY Energy Names 2024 GRIT Awards & Best Energy Workplace Winners
Published
2 hours agoon
By
ALLY Energy proudly announces the winners of the 8th Annual GRIT Awards and Best Energy Workplaces, recognized as one of the most prestigious honors in the global energy sector.
HOUSTON, Oct. 30, 2024 /PRNewswire-PRWeb/ — ALLY Energy, the talent and culture platform leveraging AI to power the energy workforce of the future™, is thrilled to announce the winners for the 2024 GRIT Awards and Best Energy Workplaces. This year’s awards recognize candidates from diverse individuals and organizations who embody growth, resilience, innovation, and talent while fostering a purpose-driven culture that is leading the energy transition toward net zero.
The GRIT Awards selection process is known for its rigorous integrity. Nominations are open to the public, and individual evaluations are conducted through a blind application review by external judges. This ensures a fair and equitable assessment of the individual candidates, highlighting those who exemplify excellence and innovation.
Among this year’s honorees are the Lifetime Achievement Awards winners, Vicki Hollub, President and CEO of Occidental; Jan E. Odegard, consultant and former Executive Director of Ion; and Sivasankaran “Soma” Somasundaram, President and CEO of ChampionX. During a fireside chat with these visionaries, attendees gained valuable insights. Standing out as icons for their remarkable careers in advancing energy and climate initiatives, their work spans technology, policy, and workforce development in both the private and public sectors, championing change and progress.
“The GRIT Awards honor those who have shaped the industry and continue to inspire future generations. These winners have demonstrated extraordinary leadership and dedication to driving innovation across the energy landscape,” said Katie Mehnert, Founder and CEO of ALLY Energy.
The 2024 winners include:
The Professional Award – Obianuju Igbokwe, Technology Strategy Consultant at SLBThe Executive Award – Sandhya Ganapathy, Chief Executive Officer at EDP Renewables North AmericaThe Entrepreneur Award – Tara Karimi, Co-Founder & Chief Science Officer at CemvitaThe Sustainability Award – Maru Williams, ESG Manager at ChevronThe Best Affinity Group, Employee Resource Group, or Business Resource Group Award – Occidental Petroleum, FRIENDThe Best Energy Team Award – 1PointFive, Direct Air CaptureThe Top Energy Voices Award – Kathairos Solutions SolutionsThe Best Energy Workplaces Award – EDP Renewables North AmericaThe Best Energy or Climate Startup Award – Syzygy Plasmonics
The People’s Choice awards allowed for open online judging this year. Each person was allowed to vote for one option in each category. The 2024 People’s Choice Award winners include:
The Best Affinity Group, Employee Resource Group, or Business Resource Group Award – Baker Hughes, Multicultural ERGThe Best Energy Team Award – ADNOC Offshore, Project Light PMOThe Best Energy Workplace Award – Baker HughesThe Best Energy or Climate Startup Award – Solaires Enterprises Inc.The Top Energy Voices Award – Sarah Magruder, Founder and President of Savvy Oil & Gas Consulting
About ALLY Energy
ALLY Energy is the most trusted source for companies, startups, professionals, and future workers who want to accelerate their careers, skills, and connections for an equitable energy transition. The community has a presence in 120 countries across energy in oil and natural gas, LNG, renewables, nuclear, and climate technology. To become one of the 2400 companies on the AI platform or the thousands of professionals with a profile, visit http://www.allyenergy.com.
For more information, contact support@allyenergy.com
Media Contact
Kevin McMinn, ALLY Energy Inc, 281-741-5482, support@allyenergy.com, https://www.allyenergy.com/
View original content to download multimedia:https://www.prweb.com/releases/ally-energy-names-2024-grit-awards–best-energy-workplace-winners-302291346.html
SOURCE ALLY Energy Inc
You may like
Technology
Rebrandly Revolutionizes Link in Bio with the Debut of Link Gallery
Published
7 mins agoon
October 30, 2024By
SAN FRANCISCO, Oct. 30, 2024 /PRNewswire/ — Rebrandly, the industry leader in link management solutions, announced the launch of Link Gallery today. Unlike traditional link in bio tools, Link Gallery creates a seamless branded experience using a custom domain that engages audiences from click to conversion.
Rebrandly Link Gallery addresses the rapidly expanding social commerce market, projected to reach $6.2 trillion by 2030. Since the mid-2010s, the link in bio market has proliferated, with platforms like Linktree reporting over 50 million users globally. However, many traditional services have limitations, such as third-party branding, a lack of regulatory security and data compliance controls, and an increased risk of links being flagged as spam or banned on social platforms.
Link Gallery addresses these issues by giving users complete control over their link in bio domain and click data, ensuring greater online safety, brand consistency, and performance. Due to Rebrandly’s rigorous safety and compliance standards, branded links in Link Gallery are also less likely to be flagged by social media platforms as spam and have a 40% higher click-through rate than generic links.
“At Rebrandly, we believe every brand deserves to own its digital identity. With Link Gallery, we’re giving users a powerful tool to reclaim control over their link in bio pages in a way they’ve not been able to before,” said Carla Bourque, CEO of Rebrandly. “Owning your digital identity isn’t just about convenience—it’s about ensuring your brand is always front and center and that you’re never at the mercy of a third-party service for control of your audience, data, or assets. Link Gallery is completely you.”
In addition to custom domains, Link Gallery users can fully customize their link in bio with embedded images, videos, and branding elements that reflect their unique identity. Link Gallery makes it easy to drive traffic to online storefronts, social media profiles, newsletters, event sign-ups, or long-form content like blogs, podcasts, and YouTube videos. With Link Gallery, users can simply consolidate multiple links into one page, driving greater engagement across platforms.
“With social media platforms increasingly tightening their security measures, many third-party links are getting flagged or banned for spam,” said Maria Thomas, Chief Product Officer at Rebrandly. “Link Gallery addresses this constraint by providing users with a custom branded domain trusted by social platforms and secure for their audience. And for brands managing multiple accounts or campaigns, it’s the perfect solution to consolidate, manage, and track all link in bio pages in one place.”
Link Gallery features include:
Custom Domains: Use a branded link to build trust and credibility with your audience while reinforcing your brand identity.Branded Links Page: Curate the look and feel to match your brand style, and add clear calls-to-action and embedded videos for richer engagement.Click Analytics: Access insights about your content and your audience that drive smarter marketing decisions and boost your overall performance. Streamlined Management: For brands, agencies, or businesses with multiple social media accounts, Link Gallery simplifies the creation, management, and tracking of all links in bio within a single platform.
Get started today and create a custom link in bio that’s truly yours. Rebrandly is offering a limited-time promotion to celebrate the launch of Link Gallery: users can get a free .bio domain for the first year when they sign up for a Rebrandly account (terms and conditions apply). This special offer is available to new users who join today and is an exclusive opportunity to secure a custom-branded domain at no cost for the first year.
About Rebrandly
Rebrandly, the world’s leading link management platform, empowers marketers, agencies, content creators, and developers to modernize their tech stack and elevate essential connections. With Rebrandly, everyone can easily brand, optimize, and shorten URLs and QR codes to improve deliverability, enhance security, track real-time click analytics, and boost performance with every link.
Rebrandly is committed to the highest data privacy and protection standards and is the only SaaS link management platform to achieve SOC2 and HIPAA compliance. Global companies rely on Rebrandly, including Oracle, PayPal, MetLife, Publicis Sapient, LVMH, Three Ireland, and Ubisoft. Visit www.rebrandly.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/rebrandly-revolutionizes-link-in-bio-with-the-debut-of-link-gallery-302292092.html
SOURCE Rebrandly
Technology
PREFORMED LINE PRODUCTS ANNOUNCES THIRD QUARTER 2024 FINANCIAL RESULTS
Published
7 mins agoon
October 30, 2024By
CLEVELAND, Oct. 30, 2024 /PRNewswire/ — Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its third quarter of 2024.
Net sales in the third quarter of 2024 were $147.0 million compared to $160.4 million in the third quarter of 2023, an 8% decrease. The decrease in sales is primarily related to a continuation of the slowdown in spending in the communications end market. Foreign currency translation reduced third quarter 2024 net sales by $0.8 million.
Net income for the quarter ended September 30, 2024, was $7.7 million, or $1.54 per diluted share, compared to $15.1 million, or $3.03 per diluted share, for the comparable period in 2023. The third quarter of 2024 net income was impacted by decreased gross profit from lower sales levels, similar to our first half 2024 results, partially offset by lower period expenses from our cost containment initiatives, lower net interest expense and reduced income tax expense. Gross profit as a percentage of net sales was 31.2% for the third quarter of 2024, largely consistent with the second quarter of 2024.
Net sales decreased 19% to $426.6 million for the first nine months of 2024 compared to $524.1 million for the first nine months of 2023. The year-over-year decline in sales is due primarily to the slowdown in spending and inventory destocking within the communications end market. Currency translation rates reduced net sales by $1.1 million for the nine months ended September 30, 2024.
Net income for the nine months ended September 30, 2024 was $26.6 million, or $5.37 per diluted share, compared to $57.0 million, or $11.39 per diluted share, for the comparable period in 2023. YTD September 30, 2024 net income was impacted by decreased gross profit resulting from the decrease in sales which was partially offset by lower period expenses, lower net interest expense and reduced income tax expense.
Rob Ruhlman, Executive Chairman, said, “The decline in net sales continues, albeit at a slower pace, primarily related to the softness in the communications end market, caused primarily by a reduction in deployment due to higher borrowing costs and continued inventory destocking to re-align customer inventory levels with current manufacturing lead times. The slower pace of the net sales decline and an increase in order backlog are indicators that we may be nearing the final stages of inventory destocking. Our gross margin percentage has been consistent throughout 2024 aided by our cost reduction activities implemented in 2023. We remain optimistic about the prospects of the markets that we serve and will continue our investment in new product development, streamlining our manufacturing operations and expanding our customer service portfolio. These actions, along with our continued strong liquidity, will allow us to take advantage of favorable market conditions when they return. Our current focus is unchanged: provide our customers with the high-quality products and timely service they have come to expect from PLP.”
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the Company, including those statements regarding the Company’s and management’s beliefs and expectations concerning the Company’s future performance or anticipated financial results, among others. Except for historical information, the matters discussed in this release are forward-looking statements that involve risks and uncertainties which may cause results to differ materially from those set forth in those statements. Among other things, factors that could cause actual results to differ materially from those expressed in such forward-looking statements include the uncertainty in global business conditions and the economy due to factors such as inflation, rising interest rates, labor disruptions, military conflict, political instability, exchange rates and lingering effects of COVID-19, the strength of demand and availability of funding for the Company’s products and the mix of products sold, the relative degree of competitive and customer price pressure on the Company’s products, the cost, availability and quality of raw materials required for the manufacture of products, opportunities for business growth through acquisitions and the ability to successfully integrate any acquired businesses, changes in regulations and tax rates, security breaches, litigation and claims and the Company’s ability to continue to develop proprietary technology and maintain high-quality products and customer service to meet or exceed new industry performance standards and individual customer expectations, and other factors described under the headings “Forward-Looking Statements” and “Risk Factors” in the Company’s 2023 Annual Report on Form 10-K filed with the SEC on March 8, 2024 and subsequent filings with the SEC. The Annual Report on Form 10-K and the Company’s other filings with the SEC can be found on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
ABOUT PLP
PLP protects the world’s most critical connections by creating stronger and more reliable networks. The company’s precision-engineered solutions are trusted by energy and communications providers worldwide to perform better and last longer. With locations in 20 countries, PLP works as a united global corporation, delivering high-quality products and unparalleled service to customers around the world.
PREFORMED LINE PRODUCTS COMPANY
STATEMENTS OF CONSOLIDATED INCOME
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
(Thousands of dollars, except per share data)
Net sales
$ 146,973
$ 160,438
$ 426,597
$ 524,076
Cost of products sold
101,195
106,301
292,415
337,328
GROSS PROFIT
45,778
54,137
134,182
186,748
Costs and expenses
Selling
12,318
12,732
36,146
38,133
General and administrative
16,414
17,794
48,272
54,624
Research and engineering
5,545
5,840
16,334
16,793
Other operating expense, net
1,109
(2,307)
186
(10)
35,386
34,059
100,938
109,540
OPERATING INCOME
10,392
20,078
33,244
77,208
Other (expense) income
Interest income
538
478
1,856
1,201
Interest expense
(564)
(998)
(1,840)
(3,198)
Other income, net
64
18
189
165
38
(502)
205
(1,832)
INCOME BEFORE INCOME TAXES
10,430
19,576
33,449
75,376
Income tax expense
2,734
4,431
6,783
18,348
NET INCOME
$ 7,696
$ 15,145
$ 26,666
$ 57,028
Net income attributable to noncontrolling interests
(16)
(15)
(24)
(28)
NET INCOME ATTRIBUTABLE TO PREFORMED LINE
PRODUCTS COMPANY SHAREHOLDERS
$ 7,680
$ 15,130
$ 26,642
$ 57,000
AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING:
Basic
4,904
4,906
4,911
4,929
Diluted
4,977
4,990
4,959
5,006
EARNINGS PER SHARE OF COMMON STOCK
ATTRIBUTABLE TO PREFORMED LINE PRODUCTS
COMPANY SHAREHOLDERS:
Basic
$ 1.57
$ 3.08
$ 5.42
$ 11.56
Diluted
$ 1.54
$ 3.03
$ 5.37
$ 11.39
Cash dividends declared per share
$ 0.20
$ 0.20
$ 0.60
$ 0.60
PREFORMED LINE PRODUCTS COMPANY
CONSOLIDATED BALANCE SHEETS
September 30, 2024
December 31, 2023
(Thousands of dollars, except share and per share data)
(Unaudited)
ASSETS
Cash, cash equivalents and restricted cash
$ 47,498
$ 53,607
Accounts receivable, net
110,888
106,892
Inventories, net
142,726
148,814
Prepaid expenses
13,053
8,246
Other current assets
6,479
7,256
TOTAL CURRENT ASSETS
320,644
324,815
Property, plant and equipment, net
201,194
207,892
Goodwill
28,672
29,497
Other intangible assets, net
10,983
12,981
Deferred income taxes
9,502
7,109
Other assets
20,958
20,857
TOTAL ASSETS
$ 591,953
$ 603,151
LIABILITIES AND SHAREHOLDERS’ EQUITY
Trade accounts payable
$ 42,426
$ 37,788
Notes payable to banks
8,006
6,968
Current portion of long-term debt
2,618
6,486
Accrued compensation and other benefits
29,499
28,018
Accrued expenses and other liabilities
31,450
32,057
TOTAL CURRENT LIABILITIES
113,999
111,317
Long-term debt, less current portion
24,582
48,796
Other noncurrent liabilities and deferred income taxes
24,385
26,882
SHAREHOLDERS’ EQUITY
Common shares – $2 par value per share, 15,000,000 shares authorized,
4,897,450 and 4,908,413 issued and outstanding, at September 30, 2024 and
December 31, 2023
13,715
13,607
Common shares issued to rabbi trust, 222,741 and 243,118 shares at September 30,
2024 and December 31, 2023, respectively
(9,557)
(10,183)
Deferred compensation liability
9,557
10,183
Paid-in capital
63,108
60,958
Retained earnings
543,743
520,154
Treasury shares, at cost, 1,959,512 and 1,894,419 shares at September 30, 2024
and December 31, 2023, respectively
(126,503)
(118,249)
Accumulated other comprehensive loss
(65,092)
(60,306)
TOTAL PREFORMED LINE PRODUCTS COMPANY
SHAREHOLDERS’ EQUITY
428,971
416,164
Noncontrolling interest
16
(8)
TOTAL SHAREHOLDERS’ EQUITY
428,987
416,156
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$ 591,953
$ 603,151
See notes to consolidated financial statements (unaudited).
View original content to download multimedia:https://www.prnewswire.com/news-releases/preformed-line-products-announces-third-quarter-2024-financial-results-302292117.html
SOURCE Preformed Line Products
Technology
Stoneridge Reports Third Quarter 2024 Results
Published
7 mins agoon
October 30, 2024By
MirrorEye Becomes Standard Equipment on Several European Truck Platforms
MirrorEye OEM Programs to Launch with Daimler Truck North America and a European Brand
Year-to-Date Cash Performance Improved $31.3 million vs. Same Period in 2023
2024 Third Quarter Results
Sales of $213.8 millionGross profit of $44.5 million Adjusted gross profit of $44.6 million (20.9% of sales)Operating income of $0.3 million Adjusted operating income of $0.7 million (0.3% of sales)Adjusted EBITDA of $9.2 million (4.3% of sales) Adjusted EBITDA was unfavorably impacted by $2.6 million related to operating FX and non-operating expenses vs. prior expectationsIncome tax expense of $3.4 millionAdjusted income tax expense of $3.5 millionLoss per share (“EPS”) of $(0.26)Adjusted EPS of $(0.24)Year-to-date cash performance of $13.3 million improved $31.3 million vs. the same period in 2023Year-to-date inventory reduction of $11.3 million
2024 Full-Year Guidance Update
Revenue guidance of $895 million – $905 million (midpoint of $900 million)Reflecting current market conditions resulting in significant production volume reductions across our weighted-average end markets of ~(3.6)% vs. prior guidanceUpdating full-year 2024 guidance to reflect reduced revenue expectations Adjusted Gross Margin ~21.5%Adjusted Operating Margin ~1.0%Adjusted EBITDA of $42 million to $44 million (adjusted EBITDA margin of ~4.7%)Adjusted EPS of $(0.35) – $(0.40) considering a full-year adjusted income tax expense of $4.0 million – $4.5 million
NOVI, Mich., Oct. 30, 2024 /PRNewswire/ — Stoneridge, Inc. (NYSE: SRI) today announced financial results for the third quarter ended September 30, 2024, with sales of $213.8 million, gross profit of $44.5 million and adjusted gross profit of $44.6 million (20.9% of sales). Operating income was $0.3 million resulting in adjusted operating income of $0.7 million (0.3% of sales). Income tax expense was $3.4 million resulting in adjusted income tax expense of $3.5 million. Loss per share was $(0.26) and adjusted EPS was $(0.24). Adjusted EBITDA was $9.2 million (4.3% of sales). The exhibits attached hereto provide reconciliation detail on normalizing adjustments of non-GAAP financial measures used in this press release.
Jim Zizelman, president and chief executive officer, commented, “During the third quarter, our focus remained on improving the fundamentals of our business. Our efforts to improve operational efficiency resulted in reduced quality-related costs while reductions to operating expenses helped to offset some of the significant market-related challenges we faced. That said, like many of our peers, third quarter performance was significantly impacted by continued pressure across all of our major end markets resulting in reduced customer production. We will continue to improve fundamental financial performance through operational excellence and a focus on controllable costs.”
Zizelman continued, “While we continue to drive operational performance improvement, we remain focused on our key growth initiatives, including new business awards and the flawless execution of the program launches that will drive growth going-forward. We continue to build momentum with MirrorEye in both our OEM and fleet channels. Earlier this week, we announced MirrorEye will be available on Daimler Truck North America’s new fifth generation Freightliner Cascadia truck, which begins series production in mid-2025. We also announced that MirrorEye will be launching with an additional European brand, as part of an extension of a previously launched global OEM MirrorEye program, in the fourth quarter of this year. MirrorEye will be offered as standard equipment on several of this brands’ models as well as an option on their other truck models. Similarly, our other European OEM customers, DAF and Volvo, have now made their respective camera monitor systems standard on several key truck platforms. The standardization of MirrorEye with several OEM customers across several key truck platforms shows the strong momentum we are creating for the product. Additionally, we continue to expand our retrofit applications with new partnerships with DB Schenker in North America and VDL Bus and Coach in Europe. Finally, during the quarter, we continued to drive growth opportunities for Control Devices as well, with our first ever award related to our Leak Detection Module technology for an all-new hybrid vehicle with a Chinese OEM customer. This strategic technology is well-positioned for growth amid the global hybrid vehicle expansion and is also applicable to traditional powertrain vehicles to improve the effectiveness of their emissions systems.”
Zizelman concluded, “While we expect continued challenges across our end markets for the remainder of the year and into 2025, we continue to focus on the variables that we can control as we respond efficiently and effectively to macroeconomic headwinds that are prevalent across our industry. We remain confident that our efforts to fundamentally improve business performance and our continued focus on key growth initiatives will drive long-term profitable growth for our shareholders.”
Third Quarter in Review
Electronics sales of $135.7 million decreased by 4.7% relative to adjusted sales of the third quarter of 2023. This was primarily driven by lower customer production volumes in the European and North American commercial vehicle markets and lower sales in the European off-highway end market. This decline was partially mitigated by the ramp-up of recently launched programs, including MirrorEye and the Company’s next generation tachograph. Third quarter adjusted operating margin of 2.8% declined by 330 basis points relative to the third quarter of 2023, primarily due to reduced leverage from lower sales as well as higher overhead and D&D costs, partially offset by lower direct material costs.
Control Devices sales of $74.3 million decreased by 17.5% relative to the third quarter of 2023. This decrease was primarily due to lower customer production volumes in the North American passenger vehicle end market, including reduced demand for electric vehicle programs, and the expected wind-down of end-of-life programs. Higher sales in the China passenger vehicle and North America commercial vehicle end markets were offset by lower sales in the China commercial vehicle end market. Third quarter adjusted operating margin of 3.1% decreased by 320 basis points relative to the third quarter of 2023, primarily due to reduced leverage on lower sales, slightly offset by lower D&D costs.
Stoneridge Brazil sales of $13.6 million decreased by $0.5 million relative to the third quarter of 2023. This decrease was primarily due to unfavorable foreign currency translation of $1.7 million as well as lower monitoring service fees, offset by higher OEM and aftermarket product sales. Third quarter operating income of $0.7 million decreased by approximately $0.1 million relative to the third quarter adjusted operating income of 2023, primarily due to the adverse impact of U.S. dollar denominated material purchases and unfavorable sales mix from lower monitoring service fees offset by lower SG&A spending.
Relative to the second quarter of 2024, Electronics sales decreased by 11.6%. This decrease was driven primarily by continued macroeconomic pressures impacting European and North American commercial vehicle production and reduced sales in the off-highway end market. Third quarter adjusted operating margin decreased by 490 basis points relative to the second quarter of 2024, primarily due to reduced leverage on lower sales, unfavorable sales mix and higher D&D costs due to lower customer reimbursements, partially offset by lower SG&A costs.
Relative to the second quarter of 2024, Control Devices sales decreased by 8.1%. This decrease was primarily driven by continued pressure and reduced demand in the North American passenger vehicle end market. Stronger sales in the China passenger vehicle end market were offset by lower sales in the China commercial vehicle end market versus the second quarter. Third quarter adjusted operating margin decreased by 150 basis points relative to the second quarter of 2024, primarily due to reduced leverage on lower sales slightly offset by lower material costs.
Relative to the second quarter of 2024, Stoneridge Brazil sales increased by $1.8 million, or 15.0%. This was primarily due to higher sales in the OEM end market and higher aftermarket sales, partially offset by the unfavorable foreign currency impact of $0.7 million. Third quarter operating income improved by $0.8 million relative to the second quarter of 2024, primarily due to fixed cost leverage on incremental sales partially offset by the unfavorable foreign currency impact of $0.4 million.
.Cash and Debt Balances
As of September 30, 2024, Stoneridge had cash and cash equivalents totaling $54.1 million. During the first nine months of 2024, the Company generated $13.3 million in cash driven by our continued focus on reducing net working capital, including an $11.3 million reduction in inventory balances. This represents an increase of $31.3 million in cash performance over the same period in 2023.
For compliance purposes, adjusted net debt was $158.9 million while adjusted EBITDA for the trailing twelve months was $56.8 million, resulting in an adjusted net debt to trailing twelve-month EBITDA compliance leverage ratio of 2.79x.
The Company continues to focus on both operating performance and working capital improvement to drive cash performance, particularly related to inventory reduction. The Company expects to remain in compliance with all covenant requirements.
2024 Outlook
The Company is updating its previously provided full-year 2024 guidance ranges including sales guidance of $895 million to $905 million, adjusted gross margin guidance of approximately 21.5%, adjusted operating margin guidance of approximately 1.0%, adjusted loss per share guidance of $(0.35) to $(0.40) and adjusted EBITDA guidance of $42 million to $44 million, or approximately 4.7% of sales.
Matt Horvath, chief financial officer, commented, “We are updating our full-year 2024 revenue guidance to reflect industry-wide macroeconomic headwinds that are resulting in reduced production expectations for the majority of our customers across our end markets. Overall, our weighted average end markets are expected to decline by 3.6% relative to our previously provided guidance. Furthermore, we are expecting non-OEM and option-based products revenue to be aligned with the low-end of the previously provided range. We expect there could be some continued incremental headwinds in the off-highway end market and lower than expected MirrorEye aftermarket fleet and bus volumes despite the continuing expansion in fleet relationships. Many of these fleets are evaluating the technology prior to availability as a factory installation which we expect will increase the OEM volumes, as we have outlined with several of our OEM customers making the system standard equipment but may impact demand for higher volume retrofit applications.”
Horvath continued, “Our updated revenue guidance results in a midpoint of $900 million for the year. Although we continue to expect improvement in operating performance, including improvements in material costs and quality-related costs, as well as continued focus on operating cost control, due primarily to the impact of our reduced revenue expectations, we are updating our full-year adjusted gross margin and adjusted operating margin expectations to approximately 21.5% and 1.0%, respectively. Similarly, we are updating our adjusted EBITDA guidance to $42 million to $44 million, or approximately 4.7% of sales. Finally, we are updating our full-year adjusted EPS guidance to $(0.35) to $(0.40). Our guidance reflects approximately $4 million to $4.5 million of total adjusted tax expense for the year based on our forecasted geographical mix of earnings.”
Horvath, concluded, “By continuing to focus on improving the fundamentals of our business, controlling the variables within our control and responding efficiently and effectively to macroeconomic headwinds, we expect to drive performance improvement throughout the business. Additionally, we continue to focus on inventory reduction to improve our cash position and reduce our leverage profile. Stoneridge remains well positioned to outpace our underlying end market growth and drive significant earnings expansion going forward.”
Conference Call on the Web
A live Internet broadcast of Stoneridge’s conference call regarding 2024 third quarter results can be accessed at 9:00 a.m. Eastern Time on Thursday, October 31, 2024, at www.stoneridge.com, which will also offer a webcast replay.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Michigan, is a global designer and manufacturer of highly engineered electrical and electronic systems, components and modules for the automotive, commercial, off-highway and agricultural vehicle markets. Additional information about Stoneridge can be found at www.stoneridge.com.
Forward-Looking Statements
Statements in this press release contain “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this report and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) acquisition strategy, (iii) investments and new product development, (iv) growth opportunities related to awarded business, and (v) operational expectations. Forward-looking statements may be identified by the words “will,” “may,” “should,” “designed to,” “believes,” “plans,” “projects,” “intends,” “expects,” “estimates,” “anticipates,” “continue,” and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by the statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors:
the ability of our suppliers to supply us with parts and components at competitive prices on a timely basis, including the impact of potential tariffs and trade considerations on their operations and output;fluctuations in the cost and availability of key materials and components (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and our ability to offset cost increases through negotiated price increases with our customers or other cost reduction actions, as necessary;global economic trends, competition and geopolitical risks, including impacts from ongoing or potential global conflicts and any related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries;our ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions;the reduced purchases, loss or bankruptcy of a major customer or supplier;the costs and timing of business realignment, facility closures or similar actions;a significant change in automotive, commercial, off-highway or agricultural vehicle productioncompetitive market conditions and resulting effects on sales and pricing;foreign currency fluctuations and our ability to manage those impacts;customer acceptance of new products;our ability to successfully launch/produce products for awarded business;adverse changes in laws, government regulations or market conditions affecting our products, our suppliers, or our customers’ products;our ability to protect our intellectual property and successfully defend against assertions made against us;liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions on our customers;labor disruptions at our facilities, or at any of our significant customers or suppliers;business disruptions due to natural disasters or other disasters outside of our control;the amount of our indebtedness and the restrictive covenants contained in the agreements governing our indebtedness, including our revolving Credit Facility;capital availability or costs, including changes in interest rates;the failure to achieve the successful integration of any acquired company or business;risks related to a failure of our information technology systems and networks, and risks associated with current and emerging technology threats and damage from computer viruses, unauthorized access, cyber-attack and other similar disruptions; andthe items described in Part I, Item IA (“Risk Factors”) in our Form 10-K filed with the SEC.
The forward-looking statements contained herein represent our estimates only as of the date of this release and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.
Use of Non-GAAP Financial Information
This press release contains information about the Company’s financial results that is not presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this press release. The provision of these non-GAAP financial measures for 2024 and 2023 is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non-GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably predict.
Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company’s financial position and results of operations. In particular, management believes that adjusted sales, adjusted gross profit and margin, adjusted operating income and margin, adjusted income (loss) before tax, adjusted income tax expense, adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, adjusted net debt, adjusted debt and adjusted cash are useful measures in assessing the Company’s financial performance by excluding certain items that are not indicative of the Company’s core operating performance or that may obscure trends useful in evaluating the Company’s continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company’s results of operations and provide improved comparability between fiscal periods.
Adjusted sales, adjusted gross profit and margin, adjusted operating income and margin, adjusted income (loss) before tax, adjusted income tax expense, adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, adjusted net debt, adjusted debt and adjusted cash should not be considered in isolation or as a substitute for sales, gross profit, operating income, income (loss) before tax, income tax expense, net income (loss), EPS, debt, cash and cash equivalents, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP.
CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30,
2024
December 31,
2023
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 54,138
$ 40,841
Accounts receivable, less reserves of $845 and $1,058, respectively
158,529
166,545
Inventories, net
176,445
187,758
Prepaid expenses and other current assets
25,301
34,246
Total current assets
414,413
429,390
Long-term assets:
Property, plant and equipment, net
103,450
110,126
Intangible assets, net
44,206
47,314
Goodwill
35,593
35,295
Operating lease right-of-use asset
10,758
10,795
Investments and other long-term assets, net
54,103
46,980
Total long-term assets
248,110
250,510
Total assets
$ 662,523
$ 679,900
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of debt
$ —
$ 2,113
Accounts payable
98,130
111,925
Accrued expenses and other current liabilities
71,761
64,203
Total current liabilities
169,891
178,241
Long-term liabilities:
Revolving credit facility
196,322
189,346
Deferred income taxes
6,344
7,224
Operating lease long-term liability
7,219
7,684
Other long-term liabilities
11,397
9,688
Total long-term liabilities
221,282
213,942
Shareholders’ equity:
Preferred Shares, without par value, 5,000 shares authorized, none issued
—
—
Common Shares, without par value, 60,000 shares authorized, 28,966 and 28,966
shares issued and 27,689 and 27,549 shares outstanding at September 30, 2024 and
December 31, 2023, respectively, with no stated value
—
—
Additional paid-in capital
224,944
227,340
Common Shares held in treasury, 1,277 and 1,417 shares at September 30, 2024 and
December 31, 2023, respectively, at cost
(38,641)
(43,344)
Retained earnings
186,099
196,509
Accumulated other comprehensive loss
(101,052)
(92,788)
Total shareholders’ equity
271,350
287,717
Total liabilities and shareholders’ equity
$ 662,523
$ 679,900
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended
September 30,
Nine months ended
September 30,
(in thousands, except per share data)
2024
2023
2024
2023
Net sales
$ 213,831
$ 238,164
$ 690,047
$ 746,303
Costs and expenses:
Cost of goods sold
169,340
185,689
543,459
590,538
Selling, general and administrative
26,533
28,111
88,832
91,465
Design and development
17,643
17,852
53,703
57,486
Operating income
315
6,512
4,053
6,814
Interest expense, net
3,604
3,313
11,039
9,179
Equity in loss of investee
752
141
1,081
641
Other (income) expense, net
(384)
(1,383)
(644)
2,152
(Loss) income before income taxes
(3,657)
4,441
(7,423)
(5,158)
Provision for income taxes
3,413
2,270
2,987
3,049
Net (loss) income
$ (7,070)
$ 2,171
$ (10,410)
$ (8,207)
(Loss) earnings per share:
Basic
$ (0.26)
$ 0.08
$ (0.38)
$ (0.30)
Diluted
$ (0.26)
$ 0.08
$ (0.38)
$ (0.30)
Weighted-average shares outstanding:
Basic
27,618
27,484
27,586
27,428
Diluted
27,618
27,734
27,586
27,428
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine months ended September 30, (in thousands)
2024
2023
OPERATING ACTIVITIES:
Net loss
$ (10,410)
$ (8,207)
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:
Depreciation
19,695
19,800
Amortization, including accretion and write-off of deferred financing costs
6,812
6,077
Deferred income taxes
(6,339)
(2,732)
Loss of equity method investee
1,081
641
Loss (gain) on sale of fixed assets
257
(861)
Share-based compensation expense
3,092
2,272
Excess tax deficiency related to share-based compensation expense
263
74
Changes in operating assets and liabilities:
Accounts receivable, net
6,042
(21,335)
Inventories, net
9,694
(33,651)
Prepaid expenses and other assets
4,949
7,473
Accounts payable
(13,127)
23,322
Accrued expenses and other liabilities
6,508
1,459
Net cash provided by (used for) operating activities
28,517
(5,668)
INVESTING ACTIVITIES:
Capital expenditures, including intangibles
(19,049)
(28,584)
Proceeds from sale of fixed assets
312
1,841
Investment in venture capital fund, net
(260)
(200)
Net cash used for investing activities
(18,997)
(26,943)
FINANCING ACTIVITIES:
Revolving credit facility borrowings
98,000
81,365
Revolving credit facility payments
(91,000)
(64,568)
Proceeds from issuance of debt
24,277
27,579
Repayments of debt
(26,364)
(27,145)
Repurchase of Common Shares to satisfy employee tax withholding
(780)
(1,697)
Net cash provided by financing activities
4,133
15,534
Effect of exchange rate changes on cash and cash equivalents
(356)
(963)
Net change in cash and cash equivalents
13,297
(18,040)
Cash and cash equivalents at beginning of period
40,841
54,798
Cash and cash equivalents at end of period
$ 54,138
$ 36,758
Supplemental disclosure of cash flow information:
Cash paid for interest, net
$ 11,892
$ 9,248
Cash paid for income taxes, net
$ 8,429
$ 8,453
Regulation G Non-GAAP Financial Measure Reconciliations
Exhibit 1 – Reconciliation of Adjusted EPS
Reconciliation of Q3 2024 Adjusted EPS
(USD in millions, except EPS)
Q3 2024
Q3 2024 EPS
Net Loss
$ (7.1)
$ (0.26)
Add: After-Tax Business Realignment Costs
0.2
0.01
Add: After-Tax Environmental Remediation Costs
0.1
0.00
Adjusted Net Loss
$ (6.7)
$ (0.24)
Exhibit 2 – Reconciliation of Adjusted EBITDA
(USD in millions)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Income (Loss) Before Tax
$ 4.4
$ 3.2
$ (5.6)
$ 1.9
$ (3.7)
Interest expense, net
3.3
3.8
3.6
3.8
3.6
Depreciation and amortization
8.5
8.4
8.6
8.5
8.8
EBITDA
$ 16.2
$ 15.5
$ 6.6
$ 14.2
$ 8.8
Add: Pre-Tax Business Realignment Costs
1.2
0.1
—
1.9
0.3
Add: Pre-Tax Environmental Remediation
Costs
—
—
—
—
0.2
Add: Pre-Tax Brazilian Indirect Tax Credits,
Net
(0.5)
—
—
—
—
Adjusted EBITDA
$ 17.0
$ 15.6
$ 6.6
$ 16.1
$ 9.2
Exhibit 3 – Reconciliation of Adjusted Gross Profit
(USD in millions)
Q2 2024
Q3 2024
Gross Profit
$ 53.7
$ 44.5
Add: Pre-Tax Business Realignment Costs
—
0.1
Adjusted Gross Profit
$ 53.7
$ 44.6
Exhibit 4 – Reconciliation of Adjusted Operating Income
(USD in millions)
Q2 2024
Q3 2024
Operating Income
$ 3.4
$ 0.3
Add: Pre-Tax Business Realignment Costs
1.9
0.3
Add: Pre-Tax Environmental Remediation Costs
—
0.2
Adjusted Operating Income
$ 5.4
$ 0.7
Exhibit 5 – Segment Adjusted Operating Income
Reconciliation of Control Devices Adjusted Operating Income
(USD in millions)
Q3 2023
Q2 2024
Q3 2024
Control Devices Operating Income
$ 5.5
$ 3.7
$ 2.1
Add: Pre-Tax Environmental Remediation Costs
—
—
0.2
Add: Pre-Tax Business Realignment Costs
0.1
—
—
Control Devices Adjusted Operating Income
$ 5.6
$ 3.7
$ 2.3
Reconciliation of Electronics Adjusted Operating Income
(USD in millions)
Q3 2023
Q2 2024
Q3 2024
Electronics Operating Income
$ 7.6
$ 9.8
$ 3.5
Add: Pre-Tax Business Realignment Costs
1.1
1.9
0.3
Electronics Adjusted Operating Income
$ 8.7
$ 11.7
$ 3.8
Reconciliation of Stoneridge Brazil Adjusted Operating Income (Loss)
(USD in millions)
Q3 2023
Q2 2024
Q3 2024
Stoneridge Brazil Operating Income (Loss)
$ 1.2
$ (0.0)
$ 0.7
Add: Pre-Tax Brazilian Indirect Tax Credits, Net
(0.5)
—
—
Stoneridge Brazil Adjusted Operating Income (Loss)
$ 0.8
$ (0.0)
$ 0.7
Exhibit 6 – Reconciliation of Adjusted Sales
(USD in millions)
Q3 2023
Q2 2024
Q3 2024
Sales
$ 238.2
$ 237.1
$ 213.8
Less: Sales from Spot Purchases Recoveries
(0.9)
—
—
Adjusted Sales
$ 237.2
$ 237.1
$ 213.8
Exhibit 7 – Reconciliation of Electronics Adjusted Sales
(USD in millions)
Q3 2023
Q2 2024
Q3 2024
Electronics Sales
$ 143.3
$ 153.5
$ 135.7
Less: Sales from Spot Purchases Recoveries
(0.9)
—
—
Electronics Adjusted Sales
$ 142.4
$ 153.5
$ 135.7
Exhibit 8 – Reconciliation of Adjusted Tax Rate
Reconciliation of Q3 2024 Adjusted Tax Rate
(USD in millions)
Q3 2024
Tax Rate
Loss Before Tax
$ (3.7)
Add: Pre-Tax Business Realignment Costs
0.3
Add: Pre-Tax Environmental Remediation Costs
0.2
Adjusted Loss Before Tax
$ (3.2)
Income Tax Expense
3.4
(93.3) %
Add: Tax Impact from Pre-Tax Adjustments
0.1
Adjusted Income Tax Expense on Adjusted Loss Before Tax
$ 3.5
nm
Exhibit 9 – Reconciliation of Compliance Leverage Ratio
UPDATED
Reconciliation of Adjusted EBITDA for Compliance Calculation
(USD in millions)
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Income (Loss) Before Tax
$ 3.2
(5.6)
$ 1.9
$ (3.7)
Interest Expense, net
3.8
3.6
3.8
3.6
Depreciation and Amortization
8.4
8.6
8.5
8.8
EBITDA
$ 15.5
$ 6.6
$ 14.2
$ 8.8
Compliance adjustments:
Add: Non-Cash Impairment Charges and
Write-offs or Write Downs
0.1
0.1
—
—
Add: Adjustments from Foreign Currency
Impact
(0.7)
2.2
(2.4)
(0.6)
Add: Extraordinary, Non-recurring or Unusual
Items
—
—
—
—
Add: Cash Restructuring Charges
0.3
1.6
0.5
0.7
Add: Charges for Transactions,
Amendments, and Refinances
0.3
—
—
—
Add: Adjustment to Autotech Fund II
Investment
(0.1)
0.3
0.1
0.8
Add: Accrual-based Expenses
5.5
8.2
7.1
1.3
Less: Cash Payments for Accrual-based
Expenses
(3.1)
(3.2)
(3.7)
(3.3)
Adjusted EBITDA (Compliance)
$ 17.7
$ 15.8
$ 15.8
$ 7.6
Adjusted TTM EBITDA (Compliance)
$ 68.5
$ 56.8
Reconciliation of Adjusted Cash for Compliance Calculation
(USD in millions)
Q3 2024
Total Cash and Cash Equivalents
$ 54.1
Less: 35% of Cash in Foreign Locations
(15.1)
Total Adjusted Cash (Compliance)
$ 39.0
Reconciliation of Adjusted Debt for Compliance Calculation
(USD in millions)
Q3 2024
Total Debt
$ 196.3
Outstanding Letters of Credit
1.6
Total Adjusted Debt (Compliance)
$ 197.9
Adjusted Net Debt (Compliance)
$ 158.9
Compliance Leverage Ratio (Net Debt / TTM EBITDA)
2.79x
View original content to download multimedia:https://www.prnewswire.com/news-releases/stoneridge-reports-third-quarter-2024-results-302292104.html
SOURCE Stoneridge, Inc.
Rebrandly Revolutionizes Link in Bio with the Debut of Link Gallery
PREFORMED LINE PRODUCTS ANNOUNCES THIRD QUARTER 2024 FINANCIAL RESULTS
Stoneridge Reports Third Quarter 2024 Results
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology5 days ago
Brick by brick, member countries work to achieve greater BRICS cooperation
-
Technology4 days ago
Pioneering Carbon-Neutral Standards: The 136th Canton Fair Sets a New Industry Benchmark
-
Coin Market4 days ago
Coinbase introduces 'Based Agent' for creating AI agents in 3 minutes
-
Technology5 days ago
Dolby and Jin from BTS Celebrate His New Single “I’ll Be There” in Dolby Atmos
-
Technology5 days ago
Dolby and Jin from BTS Celebrate His New Single “I’ll Be There” in Dolby Atmos
-
Coin Market3 days ago
Decentralized future: TON Society co-founder on crypto mass adoption
-
Technology4 days ago
CEO and founder of Redbrick named EY Entrepreneur Of The Year® 2024 Pacific
-
Coin Market5 days ago
Fake Curve Finance app scams users, tops global finance charts