Stoneridge FY19 Profit Rises

Stoneridge Inc. (SRI) reported that its net income for fiscal year 2019 rose to $60.29 million or $2.13 per share from $53.85 million or $1.85 per share in the prior year.

Net sales for the year declined to $834.29 million from $866.20 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.52 per share and revenues of $823.59 million. Analysts' estimates typically exclude special items.

For 2020, the company expects adjusted earnings per share to be $0.95 - $1.15. Analysts expect annual earnings of $1.70 per share.

The company's board has authorized a share repurchase program for up-to $50 million over the next 18 months. This is in addition to the $50 million share repurchase authorization we announced late in 2018.

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