Stoneridge, Inc. · NYSE:SRI
Stoneridge — Q1 2015 Earnings Presentation
16 slides from Stoneridge's earnings presentation, May 7, 2015
Slide 1: 1Q15 Earnings Release
1Q15 Earnings Release May 7, 2015 TECHNOLOGIES IN MOTION Exhibit 99.2
Slide 2: Forward Looking Statements
Forward Looking Statements Statements in this presentation that are not historical facts are forward - looking statements, which involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by the statements. Important factors that ma
Slide 3: Sales by Segment – 1Q15 vs 1Q14
Sales by Segment – 1Q15 vs 1Q14 CD ELEC PST SRI CD ELEC PST SRI Pass Car / Light Truck 64.7 0.4 0.0 65.1 61.7 0.9 0.0 62.6 Med / HD Truck 6.8 53.7 0.0 60.5 7.1 47.9 0.0 55.0 Ag 4.7 0.0 0.0 4.7 4.7 0.0 0.0 4.7 PST / Other 3.7 2.3 26.5 32.5 3.8 1.3 33.9 39.0 TOTAL 79.9 56.4 26.5 162.8 77.3 50.1 33.9 1
Slide 4: Adjusted Electronics Segment Sales – 1Q15 vs 1Q14
Adjusted Electronics Segment Sales – 1Q15 vs 1Q14
Slide 5: Sales, Gross Profit, & Op Income – 1Q15 vs 1Q14
Sales, Gross Profit, & Op Income – 1Q15 vs 1Q14 SRI excl PST PST PST PPA Total PST SRI SRI 1Q15 1Q14 USD [millions] except per share data Actual Actual Net Sales 136.3 26.5 - 26.5 162.8 161.3 Cost of Materials 73.7 10.4 - 10.4 84.1 77.3 Cost of Materials % 54.1% 39.2% 39.2% 51.7% 47.9% Direct Labor
Slide 6: 1Q15 vs 1Q14 EPS Bridge
PST CD & Elec & Corp Stoneridge, Inc. 1Q14 Actual EPS [ Cont Ops] 0.02 (0.06) 0.04 Sales Volume/FX (0.02) 0.00 (0.05) FX DM Cost (0.05) 0.04 0.06 SGA / FX 0.10 0.00 (0.03) CD / ELEC Overhead (0.03) 0.05 0.00 FX Debt 0.05 0.01 0.12 Interest 0.13 0.00 (0.03) Tax / Other (0.03) 0.04 0.11 SUBTOTAL 0.15
Slide 7: Schedule of Unusual Items
Schedule of Unusual Items Values in millions, except EPS 1Q14 1Q15 1Q14 1Q15 $ $ EPS EPS Reported EPS (Continuing Operations) 0.02$ 0.09$ One time Non-Cash CEO Retirement Expense $0.0 $2.2 -$ 0.08$ TOTAL Unusual Items $0.0 $2.2 -$ 0.08$ Adjusted EPS (Continuing Operations) 0.02$ 0.17$ Diluted Shares
Slide 8: 1Q15 Sales: Market, Region, Segment
40% 37% 16% 7% PassCar Lt Truck Comm'l Vehicle PST Ag / Other 55% 16% 29% North America South America Europe / Asia 49% 35% 16% Control Devices Electronics PST 1Q15 Sales $162.8 M NOTE: D oes not include revenue from India JV 1Q15 Sales: Market, Region, Segment Sales from Continuing Operations SERVE
Slide 9: Strong New Business Awards
Strong New Business Awards 2015 2016 2017 2018 2019 13 - 17% % Range 65 - 69% 6 - 10% 0 - 3% 7 - 11% Expect approximately $106M in Net New Business in 2016 - 2017 Expect $130M in Net New Business [2015 – 2019] $ millions, excl Wiring 2011 2012 2013 2014 Sales $440 $612 $659 $661 D&D $29 $39 $40 $42
Slide 10: 4Q14 to 1Q15 EPS Bridge
PST CD & Elec & Corp Stoneridge, Inc. 4Q14 Actual EPS [ Cont Ops] (0.92) (0.07) 0.05 Sales Volume/FX (0.02) 0.01 (0.04) Mix / Direct Material (0.03) 0.03 (0.04) SGA / DD / DL Increase / Decrease (0.01) 0.01 0.04 Overhead / FX Translation 0.05 (0.01) 0.00 FX/ Div /Debt MTM (0.01) 0.00 (0.04) Tax / Ot
Slide 11: Sales by Segment – 1Q15 vs 4Q14
Sales by Segment – 1Q15 vs 4Q14 CD ELEC PST SRI CD ELEC PST SRI Pass Car / Light Truck 64.7 0.4 0.0 65.1 59.4 0.3 0.0 59.7 Med / HD Truck 6.8 53.7 0.0 60.5 8.0 52.9 0.0 60.9 Ag 4.7 0.0 0.0 4.7 4.0 0.0 0.0 4.0 PST / Other 3.7 2.3 26.5 32.5 3.2 3.1 35.9 42.2 TOTAL 79.9 56.4 26.5 162.8 74.6 56.3 35.9 1
Slide 12: PST Purchase Price Accounting Expense [Non Cash]
PST Purchase Price Accounting Expense [Non Cash] (millions) 1Q 2Q 3Q 4Q Full Year 2013 1Q 2Q 3Q 4Q Full Year 2014 1Q15 COGS / Depreciation – Fixed Asset Write Up $0.3 $0.3 $0.3 $0.3 $1.2 $0.3 $0.3 $0.3 $0.2 $1.1 $0.2 SGA / Amortized Intangibles $1.6 $1.5 $1.0 $1.0 $5.1 $1.2 $1.2 $1.0 $0.8 $4.2 $0.9
Slide 13: Debt / Net Debt
Debt / Net Debt DEBT LEVERAGE 4.1x 2.8x 2.5x 2.4x 2012 2013 2014 1Q15 Debt Leverage: Continuing Operations excluding PST PPA LTM EBITDA = Op Income + Depreciation + Amortization + Non - Depreciation / Amortization Purchase Accounting 100 175 300 Previous Structure Current Structure CAPITAL STRUCTURE
Slide 14: PST Sales Mix and Major Growth Drivers
Export 5.5% OEM/OES 19.0% Mass Merchandisers 18.7% Aftermarket 29.4% Track & Trace 27.4% 2015 E Growth 25 - 30% ▲ 8 - 10 % ▲ 20 - 30% ▲ 3 - 4% ▲ (3%) * ▼ PST Growth 10% to 15% In local currency % of PST Sales Volume Major Growth Drivers Track & Trace • Serves Retail and Corporate Accounts • Retail –
Slide 15: 2015 Guidance
Sales: $667 - $687 million Gross Margin: 28% - 30% Op Margin: 4% - 6% EPS: $0.77 - $0.92 2015 Guidance Rates 2014 Avg ACTUAL 2015 BDGT Variance USD / BRL 2.354 2.700 (0.346) USD / MXN 13.310 14.640 (1.330) EUR / USD 1.327 1.130 0.197 USD / SEK 6.862 8.180 (1.318)
Slide 16: en
en 16