Stoneridge, Inc. · NYSE:SRI
Stoneridge — Q2 2015 Earnings Presentation
15 slides from Stoneridge's earnings presentation, Jul 30, 2015
Slide 1: 2Q15 Earnings Release
2 Q15 Earnings Release July 30, 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 – 2Q15 vs 2Q14
Sales by Segment – 2Q15 vs 2Q14 CD ELEC PST SRI CD ELEC PST SRI Pass Car / Light Truck 68.2 0.4 0.0 68.6 59.3 0.9 0.0 60.2 Med / HD Truck 10.3 55.3 0.0 65.6 11.3 49.7 0.0 61.1 Ag 2.3 0.0 0.0 2.3 2.8 0.0 0.0 2.8 PST / Other 3.6 2.2 23.0 28.8 3.0 2.1 32.9 38.1 TOTAL 84.4 57.9 23.0 165.3 76.4 52.8 32.9
Slide 4: Adjusted Electronics Segment Sales – 2Q15 vs 2Q14
Adjusted Electronics Segment Sales – 2Q15 vs 2Q14 (Unaudited) Increase / Percent 2015 2014 (Decrease) Increase Electronics Segment Sales As Reported 57,895$ 52,766$ 5,129$ 9.7% Plus: Constant Foreign Currency Translation Adjustment 8,711 - 8,711 Less: Post-disposition Sales to Wiring Business Acquir
Slide 5: Sales, Gross Profit, & Op Income – 2Q15 vs 2Q14
Sales, Gross Profit, & Op Income – 2Q15 vs 2Q14 SRI excl PST PST PST PPA Total PST SRI SRI SRI 2Q15 2Q14 USD [millions] except per share data Actual Actual ∆ # ∆ % Net Sales 142.3 23.0 - 23.0 165.3 162.1 3.2 2.0% Cost of Materials 76.1 8.6 - 8.6 84.7 78.2 6.5 8.3% Cost of Materials % 53.5% 37.4% 37.
Slide 6: EPS Bridge 2Q14 to 2Q15
PST CD & Elec & Corp Stoneridge, Inc. 2Q14 Actual EPS [ Cont Ops] (0.79) (0.07) 0.07 Sales Volume/FX 0.00 0.01 (0.01) FX DM Cost 0.00 0.05 0.00 SGA / FX 0.05 0.01 0.01 FX Debt 0.02 0.00 0.12 Interest 0.12 0.00 0.02 Tax / Other 0.02 0.00 0.21 SUBTOTAL 0.21 Continuing Operations (0.58) 0.01 0.00 Restr
Slide 7: Schedule of Unusual Items
Schedule of Unusual Items Values in millions, except EPS 2Q14 2Q15 2Q14 2Q15 $ $ EPS EPS Reported EPS (Continuing Operations) (0.79)$ 0.25$ Goodwill PST 29.3 1.09$ Noncontrolling Int PST (6.3) (0.24)$ Goodwill, Net 23.0 0.85$ TOTAL Unusual Items $23.0 0.85$ -$ Adjusted EPS (Continuing Operations) 0.
Slide 8: 2Q15 Sales: Market, Region, Segment
41% 40% 14% 5% PassCar Lt Truck Comm'l Vehicle PST Ag / Other 57% 14% 29% North America South America Europe / Asia 51% 35% 14% Control Devices Electronics PST 2Q15 Sales $165.3 M NOTE: D oes not include revenue from India JV 2Q15 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 $98 M 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: EPS Bridge 1Q15 to 2Q15
PST CD & Elec & Corp Stoneridge, Inc. 1Q15 Actual EPS [ Cont Ops] 0.09 (0.02) 0.06 Sales Volume/FX 0.04 0.01 0.03 Mix / Direct Material 0.04 0.02 (0.03) SGA / DD / DL Increase / Decrease (0.01) 0.00 0.02 Tax / Other 0.02 0.00 0.08 SUBTOTAL 0.08 Continuing Operations 0.17 0.00 0.08 Non - Cash CEO Ret
Slide 11: Sales by Segment – 2Q15 vs 1Q15
Sales by Segment – 2Q15 vs 1Q15 CD ELEC PST SRI CD ELEC PST SRI Pass Car / Light Truck 68.2 0.4 0.0 68.6 64.7 0.4 0.0 65.1 Med / HD Truck 10.3 55.3 0.0 65.6 6.8 53.7 0.0 60.5 Ag 2.3 0.0 0.0 2.3 4.7 0.0 0.0 4.7 PST / Other 3.6 2.2 23.0 28.8 3.7 2.3 26.5 32.5 TOTAL 84.4 57.9 23.0 165.3 79.9 56.4 26.5
Slide 12: PST Purchase Price Accounting Expense
PST Purchase Price Accounting Expense [Non Cash] (millions) 1Q 2Q 3Q 4Q Full Year 2013 1Q 2Q 3Q 4Q Full Year 2014 1Q15 2Q15 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 $0.2 SGA / Amortized Intangibles $1.6 $1.5 $1.0 $1.0 $5.1 $1.2 $1.2 $1.0 $0.8
Slide 13: Debt / Net Debt
Debt / Net Debt DEBT LEVERAGE 4.1x 2.8x 2.5x 2.5x 2012 2013 2014 2Q15 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: 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 15: en
en