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Stoneridge profit misses consensus by 32.6% in Q4

Stoneridge Inc. said its normalized net income for the fourth quarter amounted to 15 cents per share, compared with the S&P Capital IQ consensus estimate of 22 cents per share.

EPS decreased 59.3% year over year from 36 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.1 million, a decrease of 57.6% from $9.7 million in the prior-year period.

The normalized profit margin fell to 2.7% from 5.8% in the year-earlier period.

Total revenue declined 7.3% year over year to $154.6 million from $166.8 million, and total operating expenses decreased 9.4% from the prior-year period to $146.1 million from $161.3 million.

Reported net income came to $5.9 million, or 21 cents per share, compared to a loss of $24.8 million, or a loss of 92 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 56 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 87 cents.

EPS declined 26.3% from 76 cents in the prior year.

Normalized net income was $15.6 million, a fall of 23.5% from $20.4 million in the prior year.

Full-year total revenue decreased from the prior-year period to $644.8 million from $660.6 million, and total operating expenses declined on an annual basis to $615.8 million from $632.9 million.

The company said reported net income came to $22.9 million, or 82 cents per share, in the full year, compared with a loss of $37.7 million, or a loss of $1.40 per share, the prior year.