Stoneridge reports Q1 adjusted EPS (19c)

Reports Q1 revenue $217.9M vs $239.157M last year. Jim Zizelman, president and chief executive officer, commented, “During the first quarter, we drove significant margin expansion by continuing to focus on material cost improvement and reduced quality-related costs, resulting in quarter-to-quarter operating margin performance improvement in all of our segments. Overall adjusted gross margin improved by 210 basis points driven by material cost improvement and a $2.5 million reduction in quality-related costs relative to the fourth quarter of last year. First quarter adjusted EBITDA was $7.6 million, an improvement of $1.6 million over the fourth quarter. Finally, our focus on cash and inventory management drove positive free cash flow of approximately $4.9 million, an increase of approximately $1.5 million versus the first quarter of last year. Sales remained flat relative to the fourth quarter of last year, as expected, highlighted by record quarterly sales for both MirrorEye and SMART 2, including a 24% increase in MirrorEye sales as previously launched OEM programs continued to ramp-up, along with strong sales in the global bus market.”