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Stoneridge profit misses consensus by 45.8% in Q1

Stoneridge Inc. said its first-quarter normalized net income came to 7 cents per share, compared with the S&P Capital IQ consensus estimate of 12 cents per share.

EPS increased year over year from 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.8 million, a gain from $870,500 in the year-earlier period.

The normalized profit margin increased to 1.1% from 0.5% in the year-earlier period.

Total revenue totaled $162.8 million, compared with $161.3 million in the prior-year period, and total operating expenses increased from the prior-year period to $159.7 million from $154.9 million.

Reported net income increased on an annual basis to $2.5 million, or 9 cents per share, from $548,180, or 2 cents per share.