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AP Stoneridge Posts 4Q Profit Wednesday January 31, 9:41 am ET Stoneridge Swings to 4th-Quarter Profit on Revenue Growth; Shares Hit New Year High
WARREN, Ohio (AP) -- Automotive components maker Stoneridge Inc. said Wednesday it swung to a fourth-quarter profit on a jump in revenue. Stoneridge earned $1.5 million, or 6 cents per share, compared with a loss of $3 million, or 13 cents per share, for the same quarter in 2005. Revenue grew 13 percent to $171.2 million from $151.7 million in the year-ago period.
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The results beat Wall Street predictions. Analysts polled by Thomson Financial had expected Stoneridge to break even on a per-share basis.
Company officials credited the sales growth increased North American commercial vehicle production and new product introductions in Europe.
For 2006, Stoneridge earned $14.5 million, or 63 cents per share, compared with $933,000, or 4 cents per share, for the same quarter in 2005. Revenue rose to $708.7 million from $671.6 million the year before.
Shares of Stoneridge soared 84 cents, or 8.7 percent, to $10.50 in morning trading on the New York Stock Exchange. Shortly after market open, shares set a new 52-week high of $10.55, topping a previous year high of $10.51.
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