Stoneridge has posted third-quarter net sales down US$8.3m or 4.9% to US$162.1m compared with US$170.3m last year.

Third ­quarter sales were negatively affected by US$19.8m from unfavourable foreign currency translation for Electronics and PST.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The company's control devices segment sales increased by US$8.6m or 10.9%, compared with the third quarter of 2014, reflecting continued strength in the passenger car market.

"As has been the trend so far in 2015, our Control Devices and Electronics segments continued to perform well in the third quarter, although unfavourable foreign exchange rates are masking the underlying financial performance of Electronics,” said Stoneridge president and CEO, Jon DeGaynor.

“I am particularly proud of our management team at PST. In spite of severely unfavourable economic conditions, they have managed to turn an operating profit (excluding non-cash purchase accounting charges) in the third quarter and recognised a sales increase in local currency compared to prior year.

See Also:

“They are also expected to generate a modest operating profit (excluding non-cash purchase accounting charges) in the fourth quarter. This is a direct result of PST's management addressing sales opportunities in a tough market, adjusting prices to partially offset the Brazilian real devaluation, headcount reductions and other actions taken to size the cost structure of PST to match the lower market demand.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“PST is also reducing inventory and paying down debt. In spite of the negative trends of currency for the euro and real and the difficult economy in Brazil, Stoneridge continues to perform well.

“We are preparing the company for a significant increase in sales in 2016 while we continue to drive financial and operational improvement in 2015."