The following is a summary of the Stoneridge, Inc. (SRI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Stoneridge reported Q1 sales of $239.2 million, up by 3% from Q1 2023.

• The company generated $9.1 million of operating cash during the quarter, an improvement of $18.3 million from the same period last year.

• Gross margin improved by 170 basis points, operating margin by 160 basis points, and EBITDA margin by 120 basis points compared to Q1 of the previous year.

• Stoneridge reduced its inventory balance by $7.9 million during the quarter, improving its leverage ratio by approximately a quarter of a turn.

Business Progress:

• They launched the Smart 2 tachograph program in Europe, expecting approximately $60 million in revenue for 2024.

• With upcoming MirrorEye OEM programs with Volvo and Peterbilt, and planned North American programs, the company anticipates significant earnings expansion.

• Progress was made towards sustainability goals, reducing Scope 1 and Scope 2 greenhouse gas emissions by 18.6% and absolute water usage by 5.8%.

• They maintained their full-year 2024 revenue guidance midpoint of $1 billion, intending to outperform their underlying end markets by 8 percentage points.

More details: Stoneridge IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.