Stoneridge, Inc. (SRI) has reported 27.13 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $9.20 million, or $0.32 a share in the quarter, compared with $7.24 million, or $0.26 a share for the same period last year. On an adjusted basis, the company has earned $10.70 million, or $0.38 a share for the quarter. Revenue during the quarter grew 25.64 percent to $204.31 million from $162.62 million in the previous year period. Gross margin for the quarter expanded 216 basis points over the previous year period to 29.93 percent. Total expenses were 92.58 percent of quarterly revenues, down from 94.77 percent for the same period last year. This has led to an improvement of 219 basis points in operating margin to 7.42 percent.
Operating income for the quarter was $15.16 million, compared with $8.51 million in the previous year period.
Jon DeGaynor, president and chief executive officer, commented, “We are pleased that we have extended our quarter-over-quarter improvement for the 10th consecutive period driven by the fact that each of our segments exceeded our expectations for the quarter. We were able to achieve this despite a significantly higher effective tax rate in the quarter relative to the previous year. We continue to focus on operational improvement, profitable growth and our long-term strategy. The addition of Orlaco accelerates our growth story and provides us with substantial opportunities to expand and diversify our existing Electronics business."
Stoneridge, Inc. projects revenue to be in the range of $775 million to $795 million for financial year 2017. For fiscal year 2017, the company projects operating income to grow in the range of 7 percent to 8 percent. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $1 to $1.15. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $1.10 to $1.30 on adjusted basis.
Operating cash flow improves significantlyStoneridge, Inc. has generated cash of $9.81 million from operating activities during the quarter, up 766.61 percent or $8.68 million, when compared with the last year period. The company has spent $84.80 million cash to meet investing activities during the quarter as against cash outgo of $6.74 million in the last year period.
Cash flow from financing activities was $68.88 million for the quarter as against cash outgo of $1.24 million in the last year period.
Cash and cash equivalents stood at $44.91 million as on Mar. 31, 2017, down 7.16 percent or $3.46 million from $48.37 million on Mar. 31, 2016.
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