Technology
Columbus McKinnon Reports 16% Order Growth in Q2 FY25
Published
11 hours agoon
By
CHARLOTTE, NC, Oct. 30, 2024 /PRNewswire/ — Columbus McKinnon Corporation (Nasdaq: CMCO) (“Columbus McKinnon” or the “Company”), a leading designer, manufacturer and marketer of intelligent motion solutions for material handling, today announced financial results for its fiscal year 2025 second quarter, which ended September 30, 2024.
Second Quarter 2025 Highlights (compared with prior-year period, except where otherwise noted)
Orders increased 16% with a book-to-bill ratio of 1.08x; Precision conveyance up 42%Net sales decreased 6% to $242.3 million reflecting impacts related to Hurricane Helene, the ramp up of linear motion production in Monterrey, MX and project timingResults included $17.5 million2 of non-cash pension settlement expense and $11.8 million2 for factory closure and start-up costs as we transitioned manufacturing to our Monterrey, MX facilityGAAP EPS of ($0.52) and Adjusted EPS1 of $0.70Repaid $10 million of debt in Q2 FY25; Anticipate FY25 debt repayment of $60 million Executed $4.9 million of share repurchases in Q2 FY25 and $5.0 million in early Q3 FY25
“Our commercial and operational initiatives are delivering wins with new and existing customers in attractive vertical markets and we delivered one of our highest order quarters in history with 16% order growth and a book-to-bill ratio of 1.08x in Q2.” said David J. Wilson, President and Chief Executive Officer. “Order growth, with particular strength in precision conveyance, and an encouraging funnel of promising opportunities supports our fiscal 2025 guidance and positions us well for fiscal 2026.”
“But for the impact of Hurricane Helene, we delivered on our guidance for the second quarter while transitioning our linear motion manufacturing activity to Monterrey,” continued Wilson. “We remain confident in our long-term financial objectives and are advancing the strategic initiatives that will both grow our business and deliver targeted margin expansion over time.”
Second Quarter Fiscal 2025 Sales
($ in millions)
Q2 FY25
Q2 FY24
Change
% Change
Net sales
$ 242.3
$ 258.4
$ (16.1)
(6.2) %
U.S. sales
$ 132.3
$ 145.2
$ (12.9)
(8.9) %
% of total
55 %
56 %
Non-U.S. sales
$ 110.0
$ 113.2
$ (3.2)
(2.8) %
% of total
45 %
44 %
For the quarter, net sales decreased $16.1 million, or 6.2%. In the U.S., sales were down $12.9 million, or 8.9%. Price improvement of $1.3 million helped to offset $14.2 million in lower volume. Sales outside the U.S. decreased $3.2 million, or 2.8%. Price improvement of $2.5 million helped to offset $6.0 million of lower volume. Favorable foreign currency translation was $0.3 million.
Second Quarter Fiscal 2025 Operating Results
($ in millions)
Q2 FY25
Q2 FY24
Change
% Change
Gross profit
$ 74.7
$ 100.0
$ (25.2)
(25.2) %
Gross margin
30.9 %
38.7 %
(780) bps
Adjusted Gross Profit1
$ 87.9
$ 100.0
$ (12.0)
(12.0) %
Adjusted Gross Margin1
36.3 %
38.7 %
(240) bps
Income from operations
$ 10.8
$ 33.4
$ (22.5)
(67.6) %
Operating margin
4.5 %
12.9 %
(840) bps
Adjusted Operating Income1
$ 27.0
$ 34.1
$ (7.2)
(21.0) %
Adjusted Operating Margin1
11.1 %
13.2 %
(210) bps
Net income (loss)
$ (15.0)
$ 15.8
$ (30.9)
NM
Net income (loss) margin
(6.2) %
6.1 %
(1,230) bps
GAAP EPS
$ (0.52)
$ 0.55
$ (1.07)
NM
Adjusted EPS1
$ 0.70
$ 0.76
$ (0.06)
(7.9) %
Adjusted EBITDA1
$ 39.2
$ 45.7
$ (6.6)
(14.4) %
Adjusted EBITDA Margin1
16.2 %
17.7 %
(150) bps
Adjusted EPS1 excludes, among other adjustments, amortization of intangible assets. The Company believes this better represents its inherent earnings power and cash generation capability.
Third Quarter Fiscal 2025 Guidance
The Company is issuing the following guidance for the third quarter of fiscal 2025, ending December 31, 2024:
Metric
Q3 FY25
Net sales
Flat year-over-year
Adjusted EPS3
Flat year-over-year
Third quarter 2025 guidance assumes approximately $8 million of interest expense, $8 million of amortization, an effective tax rate of 25% and 28.9 million diluted average shares outstanding.
The Company is issuing the following guidance for the fiscal year 2025, ending March 31, 2025:
Metric
FY25
Net sales
Flat to low-single digit growth year-over-year
Adjusted EPS3
Mid-single digit growth year-over-year
Capital Expenditures
$20 million to $25 million
Net Leverage Ratio3
~2.3x
Fiscal 2025 guidance assumes approximately $32 million of interest expense, $30 million of amortization, an effective tax rate of 25% and 29.0 million diluted average shares outstanding.
Teleconference/Webcast
Columbus McKinnon will host a conference call today at 10:00 AM Eastern Time to discuss the Company’s financial results and strategy. The conference call will be accessible through live webcast and via phone by dialing 1-800-836-8184. The webcast, earnings release and earnings presentation will be available at the Company’s investor relations website at investors.cmco.com. A replay of the webcast will also be archived on the Company’s investor relations website and available via phone by dialing 1-888-660-6345 and enter the conference ID number 93312# through Wednesday, November 6, 2024.
______________________
1
Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Operating Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS are non-GAAP financial measures. See accompanying discussion and reconciliation tables provided in this release for reconciliations of these non-GAAP financial measures to the closest corresponding GAAP financial measures.
2
Represents $23.2 million of non-cash pension settlement costs, $11.9 million of expense related to the closure of our Charlotte, NC factory and $3.8 million of Monterrey MX start-up costs, which are taxed at a 24.6% tax rate.
3
The Company has not reconciled the Adjusted EPS and Net Leverage Ratio guidance to the most comparable GAAP financial measure outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide guidance for the comparable GAAP financial measures. Forward-looking guidance regarding Adjusted EPS and Net Leverage Ratio is made in a manner consistent with the relevant definitions and assumptions noted herein and in alignment with the Company’s financial covenants per the Company’s Amended and Restated Credit Agreement.
About Columbus McKinnon
Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of intelligent motion solutions that move the world forward and improve lives by efficiently and ergonomically moving, lifting, positioning, and securing materials. Key products include hoists, crane components, precision conveyor systems, rigging tools, light rail workstations, and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how. Comprehensive information on Columbus McKinnon is available at www.cmco.com.
Safe Harbor Statement
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “illustrative,” “intend,” “likely,” “may,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “shall,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this document, including, but are not limited to, statements relating to: (i) our strategy, outlook and growth prospects, including our third quarter and fiscal year 2025 net sales and Adjusted EPS, and our fiscal year 2025 net leverage ratio and capital expenditure guidance; (ii) our operational and financial targets and capital allocation policy; (iii) general economic trend and trends in the industry and markets; (iv) the amount of debt to be paid down by the Company during fiscal year 2025; (v) the estimated costs and benefits related to the consolidation of the Company’s North American linear motion operations in Charlotte, North Carolina to its manufacturing facility in Monterrey, Mexico (vi) the proper application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates and judgements; and (vii) the competitive environment in which we operate; are forward looking statements. Forward-looking statements are not based on historical facts, but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions, and involve known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024 as well as in our other filings with the Securities and Exchange Commission, which are available on its website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date they are made. Columbus McKinnon undertakes no duty to update publicly any such forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority.
Contacts:
Gregory P. Rustowicz
Kristine Moser
EVP Finance and CFO
VP IR and Treasurer
Columbus McKinnon Corporation
Columbus McKinnon Corporation
716-689-5442
704-322-2488
Financial tables follow.
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Income Statements – UNAUDITED
(In thousands, except per share and percentage data)
Three Months Ended
September 30,
2024
September 30,
2023
Change
Net sales
$ 242,274
$ 258,400
(6.2) %
Cost of products sold
167,531
158,424
5.7 %
Gross profit
74,743
99,976
(25.2) %
Gross profit margin
30.9 %
38.7 %
Selling expenses
26,926
26,867
0.2 %
% of net sales
11.1 %
10.4 %
General and administrative expenses
23,363
25,709
(9.1) %
% of net sales
9.6 %
9.9 %
Research and development expenses
6,102
6,541
(6.7) %
% of net sales
2.5 %
2.5 %
Amortization of intangibles
7,547
7,508
0.5 %
Income from operations
10,805
33,351
(67.6) %
Operating margin
4.5 %
12.9 %
Interest and debt expense
8,352
10,211
(18.2) %
Investment (income) loss
(610)
88
NM
Foreign currency exchange (gain) loss
(792)
1,746
NM
Other (income) expense, net
23,806
393
5,957.5 %
Income (loss) before income tax expense (benefit)
(19,951)
20,913
NM
Income tax expense (benefit)
(4,908)
5,100
NM
Net income (loss)
$ (15,043)
$ 15,813
NM
Average basic shares outstanding
28,869
28,725
0.5 %
Basic income (loss) per share
$ (0.52)
$ 0.55
NM
Average diluted shares outstanding
28,869
29,001
(0.5) %
Diluted income (loss) per share
$ (0.52)
$ 0.55
NM
Dividends declared per common share
$ 0.07
$ 0.07
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Income Statements – UNAUDITED
(In thousands, except per share and percentage data)
Six Months Ended
September 30,
2024
September 30,
2023
Change
Net sales
$ 482,000
$ 493,892
(2.4) %
Cost of products sold
318,227
307,266
3.6 %
Gross profit
163,773
186,626
(12.2) %
Gross profit margin
34.0 %
37.8 %
Selling expenses
54,696
51,848
5.5 %
% of net sales
11.3 %
10.5 %
General and administrative expenses
49,810
53,152
(6.3) %
% of net sales
10.3 %
10.8 %
Research and development expenses
12,268
12,442
(1.4) %
% of net sales
2.5 %
2.5 %
Amortization of intangibles
15,047
14,385
4.6 %
Income from operations
31,952
54,799
(41.7) %
Operating margin
6.6 %
11.1 %
Interest and debt expense
16,587
18,836
(11.9) %
Investment (income) loss
(819)
(454)
80.4 %
Foreign currency exchange (gain) loss
(398)
2,230
NM
Other (income) expense, net
24,484
605
3,946.9 %
Income (loss) before income tax expense (benefit)
(7,902)
33,582
NM
Income tax expense (benefit)
(1,488)
8,494
NM
Net income (loss)
$ (6,414)
$ 25,088
NM
Average basic shares outstanding
28,852
28,694
0.6 %
Basic income (loss) per share
$ (0.22)
$ 0.87
NM
Average diluted shares outstanding
28,852
28,962
(0.4) %
Diluted income (loss) per share
$ (0.22)
$ 0.87
NM
Dividends declared per common share
$ 0.07
$ 0.07
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Balance Sheets
(In thousands)
September 30,
2024
March 31, 2024
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 55,683
$ 114,126
Trade accounts receivable
170,669
171,186
Inventories
201,036
186,091
Prepaid expenses and other
40,357
42,752
Total current assets
467,745
514,155
Property, plant, and equipment, net
107,258
106,395
Goodwill
717,982
710,334
Other intangibles, net
375,598
385,634
Marketable securities
10,579
11,447
Deferred taxes on income
1,367
1,797
Other assets
96,355
96,183
Total assets
$ 1,776,884
$ 1,825,945
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable
$ 72,106
$ 83,118
Accrued liabilities
106,847
127,973
Current portion of long-term debt and finance lease obligations
50,704
50,670
Total current liabilities
229,657
261,761
Term loan, AR securitization facility and finance lease obligations
449,910
479,566
Other non current liabilities
201,187
202,555
Total liabilities
$ 880,754
$ 943,882
Shareholders’ equity:
Common stock
287
288
Treasury stock
(5,946)
(1,001)
Additional paid in capital
529,599
527,125
Retained earnings
386,892
395,328
Accumulated other comprehensive loss
(14,702)
(39,677)
Total shareholders’ equity
$ 896,130
$ 882,063
Total liabilities and shareholders’ equity
$ 1,776,884
$ 1,825,945
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Statements of Cash Flows – UNAUDITED
(In thousands)
Six Months Ended
September 30,
2024
September 30,
2023
Operating activities:
Net income (loss)
$ (6,414)
$ 25,088
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization
24,028
22,482
Deferred income taxes and related valuation allowance
(13,662)
(6,097)
Net loss (gain) on sale of real estate, investments and other
(650)
(302)
Non-cash pension settlement
23,201
—
Stock-based compensation
4,175
5,264
Amortization of deferred financing costs
1,244
1,106
Impairment of operating lease
3,268
—
Loss (gain) on hedging instruments
(2)
554
Loss (gain) on disposal of Fixed Assets
418
—
Non-cash lease expense
5,202
4,684
Changes in operating assets and liabilities, net of effects of business acquisitions:
Trade accounts receivable
2,384
(11,409)
Inventories
(12,277)
(22,415)
Prepaid expenses and other
(11,714)
(5,868)
Other assets
183
357
Trade accounts payable
(10,711)
(5,996)
Accrued liabilities
(6,154)
(3,085)
Non-current liabilities
(3,889)
(4,921)
Net cash provided by (used for) operating activities
(1,370)
(558)
Investing activities:
Proceeds from sales of marketable securities
3,153
1,100
Purchases of marketable securities
(1,993)
(1,809)
Capital expenditures
(10,068)
(10,319)
Purchase of businesses, net of cash acquired
—
(108,145)
Dividend received from equity method investment
—
144
Net cash provided by (used for) investing activities
(8,908)
(119,029)
Financing activities:
Proceeds from the issuance of common stock
86
492
Purchases of treasury stock
(4,945)
—
Repayment of debt
(30,326)
(25,294)
Proceeds from issuance of long-term debt
—
120,000
Fees paid for borrowings on long-term debt
—
(2,859)
Payment to former owners of montratec
(6,711)
—
Fees paid for debt repricing
(169)
—
Cash inflows from hedging activities
11,862
12,084
Cash outflows from hedging activities
(11,809)
(12,660)
Payment of dividends
(4,038)
(4,015)
Other
(1,789)
(1,954)
Net cash provided by (used for) financing activities
(47,839)
85,794
Effect of exchange rate changes on cash
(326)
(325)
Net change in cash and cash equivalents
(58,443)
(34,118)
Cash, cash equivalents, and restricted cash at beginning of year
$ 114,376
$ 133,426
Cash, cash equivalents, and restricted cash at end of period
$ 55,933
$ 99,308
COLUMBUS McKINNON CORPORATION
Q2 FY 2025 Net Sales Bridge
Quarter
Year To Date
($ in millions)
$ Change
% Change
$ Change
% Change
Fiscal 2024 Net Sales
$ 258.4
$ 493.9
Acquisition
—
— %
2.7
0.5 %
Pricing
3.8
1.5 %
7.3
1.5 %
Volume
(20.2)
(7.8) %
(21.6)
(4.4) %
Foreign currency translation
0.3
0.1 %
(0.3)
— %
Total change
$ (16.1)
(6.2) %
$ (11.9)
(2.4) %
Fiscal 2025 Net Sales
$ 242.3
$ 482.0
COLUMBUS McKINNON CORPORATION
Q2 FY 2025 Gross Profit Bridge
($ in millions)
Quarter
Year To Date
Fiscal 2024 Gross Profit
$ 100.0
$ 186.6
Acquisition
—
0.8
Price, net of manufacturing costs changes (incl. inflation)
0.1
3.5
Monterrey, MX new factory start-up costs
(2.2)
(3.8)
Factory and warehouse consolidation costs
(10.8)
(10.8)
Sales volume and mix
(12.3)
(12.1)
Other
(0.3)
(0.5)
Foreign currency translation
0.2
0.1
Total change
(25.3)
(22.8)
Fiscal 2025 Gross Profit
$ 74.7
$ 163.8
U.S. Shipping Days by Quarter
Q1
Q2
Q3
Q4
Total
FY25
64
63
60
62
249
FY24
63
62
61
62
248
COLUMBUS McKINNON CORPORATION
Additional Data1
(Unaudited)
Period Ended
September 30,
2024
June 30,
2024
March 31,
2024
September 30,
2023
($ in millions)
Backlog
$ 317.6
$ 292.8
$ 280.8
$ 317.7
Long-term backlog
Expected to ship beyond 3 months
$ 172.5
$ 156.0
$ 144.6
$ 148.3
Long-term backlog as % of total backlog
54.3
%
53.3
%
51.5
%
46.7
%
Debt to total capitalization percentage
35.8
%
36.6
%
37.5
%
39.8
%
Debt, net of cash, to net total capitalization
33.2
%
33.3
%
32.0
%
35.3
%
Working capital as a % of sales 2
23.3
%
22.5
%
19.1
%
21.8
%
Three Months Ended
September 30,
2024
June 30,
2024
March 31,
2024
September 30,
2023
($ in millions)
Trade accounts receivable
Days sales outstanding
64.1
days
63.3
days
58.7
days
58.6
days
Inventory turns per year
(based on cost of products sold)
3.3
turns
3.0
turns
3.7
turns
3.1
turns
Days’ inventory
110.6
days
121.7
days
98.6
days
117.7
days
Trade accounts payable
Days payables outstanding
46.3
days
50.6
days
50.9
days
48.3
days
Net cash provided by (used for) operating activities
$ 9.4
$ (10.8)
$ 38.6
$ 16.7
Capital expenditures
$ 5.4
$ 4.6
$ 8.5
$ 5.0
Free Cash Flow 3
$ 4.0
$ (15.4)
$ 30.1
$ 11.7
______________________
1
Additional Data: This data is provided to help investors understand financial and operational metrics that management uses to measure the Company’s financial performance and identify trends affecting the business. These measures may not be comparable with or defined in the same manner as other companies. Components may not add due to rounding.
2
March 31, 2024 and September 30, 2023 exclude the impact of the acquisition of montratec®.
3
Free Cash Flow is a non-GAAP financial measure. Free Cash Flow is defined as GAAP net cash provided by (used for) operating activities less capital expenditures included in the investing activities section of the consolidated statement of cash flows. See the table above for the calculation of Free Cash Flow.
NON-GAAP FINANCIAL MEASURES
The following information provides definitions and reconciliations of the non-GAAP financial measures presented in this earnings release to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). The Company has provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The non-GAAP financial measures in this earnings release may differ from similarly titled measures used by other companies.
COLUMBUS McKINNON CORPORATION
Reconciliation of Gross Profit to Adjusted Gross Profit
($ in thousands)
Three Months Ended
Six Months Ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Gross profit
$ 74,743
$ 99,976
$ 163,773
$ 186,626
Add back (deduct):
Business realignment costs
76
—
468
196
Hurricane Helene cost impact
171
—
171
—
Factory and warehouse consolidation costs
10,763
—
10,763
—
Monterrey, MX new factory start-up costs
2,185
—
3,810
—
Adjusted Gross Profit
$ 87,938
$ 99,976
$ 178,985
$ 186,822
Net sales
$ 242,274
$ 258,400
$ 482,000
$ 493,892
Gross margin
30.9 %
38.7 %
34.0 %
37.8 %
Adjusted Gross Margin
36.3 %
38.7 %
37.1 %
37.8 %
Adjusted Gross Profit is defined as gross profit as reported, adjusted for certain items. Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net sales. Adjusted Gross Profit and Adjusted Gross Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Gross Profit and Adjusted Gross Margin as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted Gross Profit and Adjusted Gross Margin, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s gross profit and gross margin to the historical periods’ gross profit, as well as facilitates a more meaningful comparison of the Company’s gross profit and gross margin to that of other companies.
COLUMBUS McKINNON CORPORATION
Reconciliation of Income from Operations to Adjusted Operating Income
($ in thousands)
Three Months Ended
Six Months Ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Income from operations
$ 10,805
$ 33,351
$ 31,952
$ 54,799
Add back (deduct):
Acquisition deal and integration costs
—
508
—
3,095
Business realignment costs
281
40
1,131
415
Factory and warehouse consolidation costs
11,904
82
11,904
199
Headquarter relocation costs
51
146
147
1,374
Hurricane Helene cost impact
171
—
171
—
Monterrey, MX new factory start-up costs
3,751
—
7,317
—
Adjusted Operating Income
$ 26,963
$ 34,127
$ 52,622
$ 59,882
Net sales
$ 242,274
$ 258,400
$ 482,000
$ 493,892
Operating margin
4.5 %
12.9 %
6.6 %
11.1 %
Adjusted Operating Margin
11.1 %
13.2 %
10.9 %
12.1 %
Adjusted Operating Income is defined as income from operations as reported, adjusted for certain items. Adjusted Operating Margin is defined as Adjusted Operating Income divided by net sales. Adjusted Operating Income and Adjusted Operating Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Operating Income and Adjusted Operating Margin as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted Operating Income and Adjusted Operating Margin, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s income from operations to the historical periods’ income from operations and operating margin, as well as facilitates a more meaningful comparison of the Company’s income from operations and operating margin to that of other companies.
COLUMBUS McKINNON CORPORATION
Reconciliation of Net Income and Diluted Earnings per Share to
Adjusted Net Income and Adjusted Earnings per Share
($ in thousands, except per share data)
Three Months Ended
Six Months Ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Net income (loss)
$ (15,043)
$ 15,813
$ (6,414)
$ 25,088
Add back (deduct):
Amortization of intangibles
7,547
7,508
15,047
14,385
Acquisition deal and integration costs
—
508
—
3,095
Business realignment costs
281
40
1,131
415
Factory and warehouse consolidation costs
11,904
82
11,904
199
Headquarter relocation costs
51
146
147
1,374
Hurricane Helene cost impact
171
—
171
—
Monterrey, MX new factory start-up costs
3,751
—
7,317
—
Non-cash pension settlement expense
23,201
—
23,201
—
Normalize tax rate 1
(11,647)
(2,199)
(14,242)
(4,768)
Adjusted Net Income
$ 20,216
$ 21,898
$ 38,262
$ 39,788
GAAP average diluted shares outstanding
28,869
29,001
28,852
28,962
Add back:
Effect of dilutive share-based awards
205
—
253
—
Adjusted Diluted Shares Outstanding
$ 29,074
$ 29,001
$ 29,105
$ 28,962
GAAP EPS
$ (0.52)
$ 0.55
$ (0.22)
$ 0.87
Adjusted EPS
$ 0.70
$ 0.76
$ 1.31
$ 1.37
1
Applies a normalized tax rate of 25% to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax.
Adjusted Net Income, Adjusted Diluted Shares Outstanding and Adjusted EPS are defined as net income (loss) and GAAP EPS as reported, adjusted for certain items, including amortization of intangibles, and also adjusted for a normalized tax rate. Adjusted Net Income, Adjusted Diluted Shares Outstanding and Adjusted EPS are not measures determined in accordance with GAAP and may not be comparable with the measures used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted Net Income, Adjusted Diluted Shares Outstanding and Adjusted EPS, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of current periods’ net income (loss), average diluted shares outstanding and GAAP EPS to the historical periods’ net income (loss), average diluted shares outstanding and GAAP EPS, as well as facilitates a more meaningful comparison of the Company’s net income (loss) and GAAP EPS to that of other companies. The Company believes that presenting Adjusted Net Income, Adjusted Diluted Shares Outstanding and Adjusted EPS provides a better understanding of its earnings power inclusive of adjusting for the non-cash amortization of intangible assets, reflecting the Company’s strategy to grow through acquisitions as well as organically.
COLUMBUS McKINNON CORPORATION
Reconciliation of Net Income to Adjusted EBITDA
($ in thousands)
Three Months Ended
Six Months Ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Net income (loss)
$ (15,043)
$ 15,813
$ (6,414)
$ 25,088
Add back (deduct):
Income tax expense (benefit)
(4,908)
5,100
(1,488)
8,494
Interest and debt expense
8,352
10,211
16,587
18,836
Investment (income) loss
(610)
88
(819)
(454)
Foreign currency exchange (gain) loss
(792)
1,746
(398)
2,230
Other (income) expense, net
23,806
393
24,484
605
Depreciation and amortization expense
12,188
11,592
24,028
22,482
Acquisition deal and integration costs
—
508
—
3,095
Business realignment costs
281
40
1,131
415
Factory and warehouse consolidation costs
11,904
82
11,904
199
Headquarter relocation costs
51
146
147
1,374
Hurricane Helene cost impact
171
—
171
—
Monterrey, MX new factory start-up costs
3,751
—
7,317
—
Adjusted EBITDA
$ 39,151
$ 45,719
$ 76,650
$ 82,364
Net sales
$ 242,274
$ 258,400
$ 482,000
$ 493,892
Net income margin
(6.2) %
6.1 %
(1.3) %
5.1 %
Adjusted EBITDA Margin
16.2 %
17.7 %
15.9 %
16.7 %
Adjusted EBITDA is defined as net income (loss) before interest expense, income taxes, depreciation, amortization, and other adjustments. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by net sales. Adjusted EBITDA and Adjusted EBITDA Margin are not a measures determined in accordance with GAAP and may not be comparable with Adjusted EBITDA and Adjusted EBITDA Margin as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA Margin, are important for investors and other readers of the Company’s financial statements.
COLUMBUS McKINNON CORPORATION
Reconciliation of Net Leverage Ratio
($ in thousands)
Twelve Months Ended
September 30,
2024
September 30,
2023
Net income (loss)
$ 15,123
$ 51,012
Add back (deduct):
Annualize EBITDA for the montratec acquisition1
—
5,410
Annualize synergies for the montratec acquisition1
—
293
Income tax expense (benefit)
4,920
20,694
Interest and debt expense
35,708
33,807
Non-cash pension settlement
28,185
—
Amortization of deferred financing costs
2,487
1,967
Stock Compensation Expense
10,950
12,060
Depreciation and amortization expense
47,491
43,536
Cost of debt refinancing
1,190
—
Acquisition deal and integration costs
116
3,606
Excluded acquisition deal and integration costs2
—
(510)
Business realignment costs
2,583
2,664
Excluded business realignment costs2
—
(2,249)
Factory and warehouse consolidation costs
12,449
199
Garvey contingent consideration
—
1,230
Headquarter relocation costs
832
2,370
Monterrey, MX new factory start-up costs
11,806
—
Excluded Monterrey, MX new factory start-up costs3
(3,664)
—
Credit Agreement Trailing Twelve Month Adjusted EBITDA
$ 170,176
$ 176,089
Current portion of long-term debt and finance lease obligations
$ 50,704
$ 50,636
Term loan, AR securitization facility and finance lease obligations
449,910
514,205
Total debt
$ 500,614
$ 564,841
Standby Letters of Credit
15,692
15,525
Cash and cash equivalents
(55,683)
(99,058)
Net Debt
$ 460,623
$ 481,308
Net Leverage Ratio
2.71x
2.73x
1
EBITDA is normalized to include a full year of the acquired entity and assumes all cost synergies are achieved in TTM Q2 FY24.
2
The Company’s credit agreement definition of Adjusted EBITDA excludes certain acquisition deal and integration costs and business realignment costs that are incurred beyond one year after the close of an acquisition.
3
The Company’s credit agreement definition of Adjusted EBITDA excludes certain Monterrey, MX factory start-up costs.
Net Debt is defined in the credit agreement as total debt plus standby letters of credit, net of cash and cash equivalents. Net Leverage Ratio is defined as Net Debt divided by the Credit Agreement Trailing Twelve Month Adjusted EBITDA. Credit Agreement Trailing Twelve Month Adjusted EBITDA is defined as net income adjusted for interest expense, income taxes, depreciation, amortization, and other adjustments. Net Debt, Net Leverage Ratio and Credit Agreement Trailing Twelve Month Adjusted EBITDA are not measures determined in accordance with GAAP and may not be comparable with the measures as used by other companies. Nevertheless, the Company believes that providing non-GAAP financial measures, such as Net Debt, Net Leverage Ratio and Credit Agreement Trailing Twelve Month Adjusted EBITDA are important for investors and other readers of the Company’s financial statements.
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SOURCE Columbus McKinnon Corporation
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Rebrandly Revolutionizes Link in Bio with the Debut of Link Gallery
Published
5 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.
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SOURCE Rebrandly
Technology
PREFORMED LINE PRODUCTS ANNOUNCES THIRD QUARTER 2024 FINANCIAL RESULTS
Published
5 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).
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SOURCE Preformed Line Products
Technology
Stoneridge Reports Third Quarter 2024 Results
Published
5 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
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SOURCE Stoneridge, Inc.
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