Slide 1: First Quarter 2014 Earnings Release Presentation
1 Stoneridge, Inc . First Quarter 2014 Earnings Release Presentation May 8, 2014 Exhibit 99.2
Slide 2: Forward Looking Statements
Statements in this presentation that are not historical facts (including, but not limited to, 2014 net sales guidance) 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 stateme
Slide 3: Forward Looking Statements (cont'd)
Forward Looking Statements (cont’d) Also, see Rounding Differences Disclosure below These factors should not be construed as exhaustive and should be considered with the other cautionary statements in Stoneridge’s filings with the Securities and Exchange Commission. Forward - looking statements are
Slide 4: Sales by Segment – 1Q14 vs 1Q13
Sales by Segment – 1Q14 vs 1Q13 CD ELEC WIRING PST SRI CD ELEC WIRING PST SRI Pass Car / Light Truck 61.7 0.9 0.6 0.0 63.1 56.8 1.0 0.2 0.0 57.9 Med / HD Truck 7.1 47.9 40.4 0.0 95.4 5.4 42.7 41.5 0.0 89.6 Ag 4.7 0.0 31.7 0.0 36.4 4.6 0.0 33.9 0.0 38.6 PST / Other 3.8 1.3 2.4 33.9 41.4 5.1 0.8 1.2 4
Slide 5: Sales, Gross Profit, & Op Income – 1Q14 vs 1Q13
Sales, Gross Profit, & Op Income – 1Q14 vs 1Q13 33.9 22.4 11.5 14.0 (2.5) 202.5 159.2 43.3 33.2 10.1 -40% -20% 0% 20% 40% 60% 80% 100% Sales Gross Profit Op Income PST SRI ex PST SRI excl PST PST PST PPA SRI SRI SRI 1Q14 1Q13 USD [millions] except per share data Actual Actual ∆ # ∆ % Net Sales 202.5
Slide 6: 1Q14 Sales by Business Unit
1Q14 Sales Control Devices $77.3 Electronics $50.1 Wiring $75.1 PST $33.9 PST (Brazil ): Est 2012: $185 - $197 million Revenue by Business Unit Consolidated Sales : $236.4 million 2012 Guidance Core Sales (excl PST) $755 – $765 million 32.7% 14.3% 21.2% 31.8% Automotive Aftermarket Commercial Vehicl
Slide 7: Sales by Segment – 1Q14 vs 4Q13
Sales by Segment – 1Q14 vs 4Q13 CD ELEC WIRING PST SRI CD ELEC WIRING PST SRI Pass Car / Light Truck 61.7 0.9 0.6 0.0 63.1 54.2 0.5 0.3 0.0 55.1 Med / HD Truck 7.1 47.9 40.4 0.0 95.4 9.1 49.4 33.4 0.0 91.9 Ag 4.7 0.0 31.7 0.0 36.4 4.0 0.0 30.0 0.0 34.0 PST / Other 3.8 1.3 2.4 33.9 41.4 4.6 1.8 2.8 4
Slide 8: Consolidated 1Q13 vs 1Q14 EPS Bridge
8 PST CD, Elec , & Wiring Volume (0.01) 0.08 Mix / Direct Material (0.06) 0.00 SGA / DD Increase 0.00 (0.09) PST FX (0.03) 0.00 Wiring Prem. 0.00 0.02 Interest (0.01) 0.00 TOTAL (0.11) 0.01 0.05 (0.10) (0.01) 0.02 (0.03) (0.09) (0.06) 0.07 0.15 1Q14 Actual EPS TOTAL Interest Wiring Prem. PST FX SGA
Slide 9: PST Purchase Price Accounting Expense [Non Cash]
PST Purchase Price Accounting Expense [Non Cash] (millions) 1Q 2Q 3Q 4Q Full Year 2013 1Q14 COGS / DM Inventory Write Up $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 COGS / Depreciation – Fixed Asset Write Up $0.3 $0.3 $0.3 $0.3 $1.2 $0.3 SGA / Amortized Intangibles $1.6 $1.5 $1.0 $1.0 $5.1 $1.2 TOTAL $1.9 $1.8 $1
Slide 10: Cash Flow
USD [millions] 2012 1Q13 2Q13 3Q13 4Q13 2013 1Q14 Actual Actual Actual Actual Actual Actual Actual Beginning Cash 78.7 44.6 46.7 37.0 46.1 44.6 62.8 Consolidated Net Income 3.7 4.3 6.4 5.5 0.3 16.5 0.5 Depreciation / Amortization 35.3 9.2 8.8 8.5 8.8 35.2 8.2 Working Capital 33.2 (15.4) (11.9) (0.4)
Slide 11: Debt / Net Debt
Debt / Net Debt (millions USD) 2011 2012 1Q13 2Q13 3Q13 2013 1Q14 Total Debt $267.1 $201.4 $211.2 $199.3 $196.7 $197.2 $205.6 Net Debt $188.4 $156.8 $164.4 $162.3 $150.6 $134.4 $157.2 Total Debt / LTM Adj.EBITDA 3.5 x 1 2.9 x 3.2 x 2.7 x 2.6 x 2.7 x 2.9 x ABL Balance $38.0 $0.0 $0.0 $0.0 $0.0 $0.0 $
Slide 12: 2014 Guidance
2014 Guidance 12 Sales: $994 - $1,083 Gross Margin: 25.5% - 27.0% Op Margin*: 5.3% - 6.3% EPS: $0.80 - $1.00 EBITDA Margin: 8.9% - 9.8% Reconciliation of Operating Margin to EBITDA Margin Operating Margin 5.3% - 6.3% Depreciation 3.1% - 3.0% Amortization 0.5% - 0.5% EBITDA Margin 8.9% - 9.8% EBITDA
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