Stoneridge, Inc. reported a profit in the third quarter of 2010, along with a large year over year increase in revenues. The company attributed the large increase to higher demand for automobiles in the quarter.
Stoneridge, Inc. reported revenues of $160.4 million in the third quarter of 2010, which ended 9/30/2010. The company had revenues of $118 million in the third quarter of 2009. Management said that the company benefited from the strong growth in sales of automobiles and trucks industry wide.
Stoneridge, Inc. said that net income was $0.7 million, or $0.03 per diluted share, in the third quarter of 2010. The company reported a net loss of $0.8 million, or $(0.04) per diluted share, in the corresponding quarter of 2009.
Stoneridge, Inc. ended the quarter with cash and cash equivalents of $84.9 million. The company also recently refinanced one of its note issues to save on interest expenses. Stoneridge, Inc. issued $175 million of a note issue with a coupon of 9.5% due in 2017. The note replaces an 11.5% note that was to mature in 2012.
Stoneridge, Inc. manufactures components and other products for use in the electronic systems of automobiles, including passenger vehicles and trucks. The company is headquartered in Ohio.
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